Have you ever thought of getting long term care insurance policy but the expensive and high-prices monthly premiums prevent you from doing so? Then maybe the government- administered Partnership long term care plan is just right for you. These Partnership policies were made possible through the joint effort of the United States government and some private insurance companies in the country. It aims to provide the public a more affordable option for owning an LTC insurance plan that they can use in the coming years. Aside from this, this policy option also hopes to lessen the Medicaid expenses that amount to almost a billion dollar every year for LTC-related costs alone. Since the government noticed that there is a low turnout in the number of LTC insurance plan policy owners, they devised a plan to create and develop an alternative that would encourage, and eventually convince the people to secure an LTC insurance policy for their future LTC needs. Because of this, the Deficit Reduction Act (DRA) of 2005 tasked the sates to adapt the Partnership program to further increase the awareness and interest of their residents and make them realize the importance of owning an LTC policy. Just like with the other LTC plans acquired from private insurance companies, Partnership plans also offer almost the same benefits and advantages to its policy owners, even having two more additional features that help protect some assets of the insured person and his freedom to choose the location where he plans to live while receiving his policy benefits. Partnership long term care plans provide a unique LTC policy feature known as the Dollar-for-Dollar asset protection. With this, the insured person is allowed to keep a dollar of his assets for every dollar that his partnership policy pays out in benefits. These assets will be disregarded by Medicaid should the individual decides to apply for qualification and eligibility. But owning a Partnership plan does not guarantee the person of automatic qualification. He should still be able to meet the requirements set by Medicaid before he will be entitled to its benefits. Another feature that is exclusively available in a Partnership insurance policy is the reciprocity standards. Any individual who owns a Partnership plan may still transfer or move to another location or state without the need of purchasing another LTC Partnership insurance. He may still use the one he previously bought in his new area of residence as long as it participates in the reciprocity standards of all states that offer Partnership program. Aside from these two additional features, Partnership plans, just like any other LTC insurance policy that can be bought from private insurance companies, also have the three features that are needed in order for an LTC plan to be considered valid and authorized. These are the minimum daily benefit amount, benefit coverage period, and inflation protection. It is good to know that the government continues to look for ways and alternatives in order for the majority of the population to have an opportunity to experience the perks of an LTC policy. With the implementation of Partnership long term care plans, and with the intensive participation and support of the citizens, this goal will surely be attained and achieved in the future.
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