Georgias Partnership For Long Term Care

Georgias Partnership program for Long Term Care is collaboration among the state government

, the private insurance companies selling long-term care insurance within the state, and state residents who buy long-term care Partnership policies.

The partnership is designed for the purpose of making the purchase of shorter term more comprehensive long-term care insurance meaningful by linking these special policies with Medicaid for those who continue to require care. This simply means, it is a public-private partnership which allows the citizens of Georgia to retain their financial assets beyond the asset limit of Medicaid once they opt to apply for assistance after utilizing all benefits of their insurance policies.

Under the program, only Partnership qualified policies are accepted which must meet special requirements set by the state. This set of requirements differ from state to state but most policies offer comprehensive benefits covering institutional and home services. Also, they should be tax qualified and provide certain specific consumer protections, and include state specific provisions for inflation protection.

With the case of Georgia, Partnership qualified policies provides purchasers with the right to apply for Medicaid under modified eligibility rules that include a special feature called an asset disregard. This coverage allows lets the policyholder to keep assets that would otherwise not be allowed if you need to apply, and qualify, for Medicaid in order to receive additional long-term care services. The amount of assets Medicaid will disregard is equal to the amount of the benefits you actually receive under your long term care Partnership qualified policy.

Other benefits a qualified partnership policy must hold are: (a) daily or monthly benefit, (b) choice of elimination period or deductible, (c) comprehensive coverage including home, adult day care and facility coverage, (d) benefit period (pool of money), and, (e) discounts (if possible).

Where to acquire? Partnership policies are only sold by certain insurance companies. Most of the time, they are sold through licensed insurance agents who have completed special training required by the State of Georgia. A Partnership Policy, with its unique Dollar-For-Dollar Asset Protection feature assures that you will not be forced to spend your life's savings on long-term care.

In terms of cost, it is determined by very important factors. To top the list is the individuals age at the time of purchase. The younger the person is when he purchased the LTC insurance, the lower the premium will be. The premium also depends on the benefits and features the person chooses.

Aside from age, other determining factors include elimination period (deductible period), daily benefits, lifetime benefits, daily benefits, covered services, and health factors.

by: Diana Ross

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