This is a table that shows the minimum assets and income each state allows nursing-home residents and their spouses to keep.
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.
Let’s stop with the LTC insurance bashing and focus on the families it has SAVED.
As a shoe aficionado, I have observed that long-term care planning is quickly starting to resemble my closet of 100 pairs of shoes.
People have a 50 percent chance of needing LTC at some point in life, and about 30 percent of people who do may need care for five years or more, according to a new study by LifePlans, Inc. Being in denial about this could be the worst thing you ever do to the people who love you.
If you are a woman who wants to keep your independence as you age, this article is for you.
Why in the world would anyone want to buy long-term care insurance without home care? There are other really good reasons besides the significant premium savings.
Phyllis Shelton is honored to appear on Peter Rosenberger’s live radio show on Sunday, August 9th from 3-4 p.m. CST to discuss how long-term care insurance can be a lifeline for caregivers.