Many States, such as Colorado, have developed the Partnership for Long Term Care. This program is a joint effort by State government and private industry to create a program that enables you to meet your future long term care needs without depleting all of your assets to pay for care.
Why Consider a Partnership Plan?
Approved by the various States, Partnership policies meet additional consumer protection standards. These standards include consumer safety features that provide assurance you are purchasing a quality product.
What type of consumer protections?
Risk of Needing Care is High – Medicare and other health insurance policies do not pay for the majority of long term care needs and the risk of requiring care is high. According to the Colorado Division of Insurance, 60 percent of people turning 65 will spend more than 2 years in a nursing home. Is that scary?
Care is Expensive – The Colorado Division of Insurance reports that the cost of care for a private nursing home room in Colorado, in 2007, was nearly $75,000 a year. A semi-private room in Denver was nearly $67,000 a year. This expense is in addition to the cost of care often provided at home or in an assisted living facility prior to reaching a nursing home.
Medicaid Asset Protection – This is a biggie! Partnership policies allow you to protect assets equal to what your policy has paid in benefits. Only Partnership policies provide Medicaid Asset Protection.
If you are interested in exploring a Partnership Plan, you will need to consult with a State Certified Long Term Care (LTC) agent. Only a small percent of insurance agents have become certified in Colorado.
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