Florida's Long Term Care Partnership Program

Florida's Long Term Care Partnership Program

The subject of long-term care seems to be getting more attention today. Much of the discussion focused on long-term care is concerned with of its service prices, the growing population of retirement, a dramatic increase in life expectancy and the expected impact on the convergence of these factors to families and the health sector.

The issue does not only affect one state in US but mainly all and Florida is included among them. Florida is one of the most popular states among elderly and retired due to its favourable climate, senior care options and assisted living that the state has to offer. This in effect increased the need for assisted living over the years. Data show at least 70 percent of people over the age of 65 will require long-term care services at some point in their lives. Medicare and most private health insurance do not pay for most services which led to the development of Long-Term Care Partnership Program in 1980 to encourage individuals to purchase LTCi.

And, to lessen the costs of long term care, a bill passed in Florida Legislature in 2005 which established foundation for development of the partnership program and directed the Agency for Health Care Administration (AHCA) to create a program that provides incentives for individuals to buy coverage and establish eligibility standards and coordination with the Office of Regulatory Insurance. The succeeding year, Florida lawmakers approved a bill that provides superior protection reforms to make long term care insurance more affordable, accessible and profitable.

Florida's Long Term Care Partnership Program encourages individuals to make arrangements for their LTC needs by acquiring insurance which the person think matches the amount of assets he/she wishes to protect. Also, it ensures that when an individual apply for Medicaid, people with a qualified LTC policy of partnership are eligible for asset protection. This simply means they can keep their assets in an amount equal to the amount paid by their policy for the cost of their care.

LTC Partnership policies in Florida are tax qualified (a portion of premiums paid can be claimed as a tax deduction) under federal law, to provide subscribers with protection against inflation, and provide dollar-for-dollar asset protection in situations when a policyholder needs to apply for long-term care Medicaid assistance. This means once private insurance benefits are exhausted for individuals with a Partnership Program policy, special Medicaid rules are applied if additional coverage is necessary. Without a Partnership Program policy, individuals would normally have to "spend down" their assets essentially, impoverish themselves- before becoming eligible for Medicaid benefits.

Services that may be included in FL long term care insurance are services such as home care, assisted living, adult day care, respite care, palliative care, nursing home and care offered facilities for Alzheimer's disease.

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