Suzanne sits down with Phyllis Shelton, President of LTC Consultants and author of “Protecting Your Family with Long-Term Care Insurance” to discuss long-term care. Long-term care is provided when people need help getting through the day. It can become necessary for many reasons including strokes, MS, Parkinson’s and accidents. Often, it is the only thing …
Tag Archive: Medicare
Publicity around the Supreme Court’s decision to nullify the Defense of Marriage Act on June 26, 2013 has centered around the ability to file joint tax returns and collect survivor social security benefits. My first reaction was “What about the ability to take advantage of the spousal impoverishment benefits under Medicaid?”
You’re not sure LTC insurance is the best solution for you? No problem. After you read this book, you will know enough to make an informed decision and I will have done my job.
The idea of the Long-Term Care Partnership is to provide a way for the Medicaid program to work together with private long-term care insurance to help those people who are caught in the middle: they can’t afford to pay the cost of the care or even the cost of a long-term care insurance policy with unlimited benefits, yet their assets are too high to qualify for Medicaid to pay their long-term care expenses. Many middle-income workers and retirees find themselves in this position.
Participating insurance companies in the Partnership recognize the needs of these middle-income Americans by providing LTC insurance policies that have built-in consumer protection benefit standards, and participating states cooperate by allowing these policyholders to access Medicaid without spending down their assets almost to poverty level if the insurance benefits run out.
The Community Living Assistance Services and Supports (CLASS) Act was a provision in the 2010 health care reform act (Public Law 111-148) that was supposed to provide an average benefit of $50 a day depending on the level of impairment with a lifetime (unlimited) benefit period. This benefit would grow each year based on Urban …
The Community Living Assistance Services and Supports (CLASS) Act is a provision in Section 8002 of the new health care reform bill (The Patient Protection and Affordable Care Act, Public Law 111‐148) enacted March 23, 2010. The CLASS Act is supposed to provide a small cash benefit of an average of $50 a day with a lifetime benefit period depending on the level of impairment. For example, needing help with four Activities of Daily Living vs. two would result in an increased benefit. This benefit is guaranteed issue and is designed to help people with limitations stay in the community instead of going to a nursing home. The program is supposed to be funded solely by premiums paid by employees who do not opt out via payroll deductions by the employers who choose to participate.
There are many protections for consumers in today’s long-term care insurance policies.