Long-Term Care Partnership Program in Florida – What Is It?

Long-Term Care Partnership Program in Florida What Is It

?

Florida is among the top states in the USA with an increasing retired population, but not many people fully grasp what a Florida long term care insurance policy covers, how they can pay for it and get the benefits. Majority of people fail to realize the significance of getting LTCi and that the purpose for it is to be able to cover financial expenses related to future health risk that will require care and attention for a long period of time.

Based on the research made by Genworth, long term care expenses in the state of Florida are escalating faster than inflation, and the statistics are quite astounding. In Jacksonville, for instance, the private room cost in a nursing facility has increased 5 percent per year since 2005. The trends in other regions in Florida are also similar. In Tampa-St. Petersburg, Miami-Fort Lauderdale and Orlando, the cost has increased 3 percent and 2.3 percent respectively.

The costs of nursing home care in Florida can possibly put a person into a financial strain. The costs of it can reach up to US$80,000 per year. Meanwhile, home health care expenses, with only 8 hour shifts on a weekly basis, can go as much as US$30,000 annually.

Due to these stats and the growing clamour for quality long-term care, Florida's Long-Term Care Partnership Program (LTCP) was initiated. This program is between Medicaid and private insurance providers and aimed at encouraging more people to get private LTCi policies and protect policy holders.

Just like in other states in the United States, the benefits you get from Florida long term care insurance vary, depending on the person's age, type of coverage, and other features. As for the LTCP, an individual must meet the following requirements to qualify in the program, such as:

* Partnership policies are eligible to any residents of Florida at the period the policy was acquired.

* There is inflation coverage for all partnership policies. As a result, policy holders who are 60 years old and below will have annual compound inflation coverage in their policies. On the other hand, those who are 61 years old but haven't reached the age 76 will get compound inflation coverage.

* All policies in Florida are tax qualified. This means that a person can claim a fraction of the insurance premiums as a tax deduction.

Please take note that Medicaid won't be applicable to all expenses related to long-term care. In fact, Medicaid only pays for LTC costs for Florida residents who are poor and live below the poverty level. Due to financial limitations, the state can't afford pay for everybody's long term care expenses for the rest of their lives. Florida long term care insurance, hence, is an essential investment that will help you secure your future and satisfy financial needs as you age.

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