Louisianas Partnership Program For Long Term Care

March 23, 2010, a new Long-Term Care Partnership Program is announced to be available

in Louisiana which offers a better means for its residents to protect their assets if they ever need to apply for Medicaid services.

The Long-term Care Partnership Program is another way to protect Louisiana consumers. Individuals who feel that they may one day need assistance with their long-term care now have an option that allows them to keep their assets and still receive the services necessary for their long-term care, Louisiana Commissioner of Insurance Jim Donelon said.

The newly-developed program is set to encourage citizens to partner with the state-based program as they purchase qualified private long-term care insurance policies. These are formally termed as Partnership-Qualified policies which are available from licensed insurance professionals. Under the partnership, policies must meet the state and federal Partnership requirements.

A qualified policy provides an individual with the right to apply for Medicaid under modified eligibility rules that include a special feature called an asset disregard. This allows the policyholder to keep assets that would otherwise not be allowed if he needs 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 he actually receives under his long term care Partnership qualified policy.

Louisianas partnership program is designed to encourage the private funding of long-term care. It is a public/private cooperative program that allows individuals to finance their own long-term care needs and partner with the Program as they purchase qualified private long-term care insurance policies.

Under the program, a dollar-for-dollar asset protection is provided. This simply means, each dollar that his Partnership policy pays out in benefits entitles him to keep a dollar of his assets if he ever needs to apply for Medicaid services.

In terms of cost, every policy has its own premium rates set by the insurance provider. And, one of the most essential determining factors when it comes to cost is age. The younger the person is when he purchased coverage, the lower his annual premium will be.

In cases the individual has purchased a policy from another state, Louisiana has elected to grant the asset disregard program to policyholders. Its partnership program foresees that policies will be transferable to other states with Partnership Programs.

Long term care partnership policies are created to pay for all costs of care for those with a long-term illness or disability. They cover a wide range of services starting from nursing home care, adult day care centres, and assisted living centres or other community facilities. In-home services are covered as well.

by: Diana Ross

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