KIRKLAND, Wash., July 18, 2016 (SEND2PRESS NEWSWIRE) — A relatively new species of long-term care policies called Partnership Plans has become widely available and could be a good option for many, according to ACSIA Partners, one of America’s largest long-term care insurance agencies.<\/p>\n
![\"ACSIA](\"https:\/\/www.send2press.com\/wire\/images\/16-0627-ACSIA-Partners-600x450.jpg\")
\n\u201cIt\u2019s very good news,\u201d says Denise Gott, the company\u2019s CEO. \u201cMillions of Americans can breathe a sigh of relief. Now they can get long-term care protection with greater confidence that their needs will be met no matter how long they live.\u201d<\/p>\n
The Partnership Long-Term Care Insurance Plans have emerged slowly over two decades, state by state, with little fanfare. First only California, New York, Connecticut and Indiana had Partnership plans. And now, they\u2019re available in a majority of states. \u201cBut most people don\u2019t know it,\u201d says Gott.<\/p>\n
Her company aims to fix that. \u201cOur agents spread the word,\u201d she says. \u201cThey show how the new plans provide the security we\u2019re all looking for, brightening our futures financially and personally by filling the long-term care gap. They also know which insurance carriers in which states have been approved to offer these special plans. Not all have.\u201d<\/p>\n
What, exactly, are the Partnership Plans?<\/strong><\/p>\n They are private long-term care insurance policies that let people keep some or all of their assets if they exhaust their policy\u2019s benefits and then apply for Medicaid to continue their care.<\/p>\n Established by the Deficit Reduction Act of 2005, the Partnership system empowers any state to set up a Partnership Program, which in turn engages qualifying insurance carriers to craft and offer specific policies. Several leading carriers have already done so.<\/p>\n It works this way:<\/strong><\/p>\n The Partnership Plans simply ease eligibility for Medicaid, our system for supplying health and long-term care services for those with little or no means. \u201cAnyone can qualify for Medicaid if they\u2019re poor enough,\u201d says Gott. \u201cBut if you own a Partnership Plan, you don\u2019t have to be so poor. You can maintain a higher level of wealth and still qualify.\u201d<\/p>\n Under a Partnership Plan, the amount of “Medicaid spend-down protection” received is generally equal to the amount of benefits received under one’s private Partnership policy. For example, suppose a policy pays out $180,000 of claim benefits, and the person is still alive and still has care needs when the benefits are exhausted. Medicaid can fill those additional needs, but only when the person becomes eligible for Medicaid.<\/p>\n Without a Partnership Plan, that means spending nearly all of one\u2019s savings on the cost of care.<\/p>\n Conversely, with a Partnership Plan, eligibility comes sooner, avoiding greater loss of one\u2019s assets. A policyholder gets a “Medicaid asset disregard” that allows them to keep an extra $180,000 over the asset level that would otherwise have to be reached for Medicaid eligibility.<\/p>\n \u201cThis can make a huge difference,\u201d says Gott. \u201cYou no longer have to impoverish yourself to get public assistance. Middle-class families can keep solvent and keep productive longer as a result.\u201d<\/p>\n Furthermore, \u201cKnowing you\u2019ve got this backup can give you an extra incentive to protect yourself with LTC insurance in the first place,\u201d Gott adds. \u201cThat\u2019s why Uncle Sam and the states set it up.\u201d<\/p>\n \u201cAlso,\u201d says Gott, \u201cSome people may choose a less expensive policy with more limited benefits, knowing the public backup is there.\u201d<\/p>\n To obtain a state-approved Partnership Plan, \u201cyou need to take care,\u201d says Gott. \u201cNot all of today\u2019s long-term care policies fit the category. You need to seek out one of the relatively few approved policies now available.\u201d<\/p>\n Information is available from any of Gott\u2019s local long-term care agents, serving all parts of the country. They are glad to help anyone explore their long-term care options, including access to insurance carriers that now offer state-approved Partnership Plans.<\/p>\n Requests to speak with a local agent may be submitted here: https:\/\/www.acsiapartners.com\/quote\/<\/a>.<\/p>\n