Preserving Your Health And Assets In California

By Author: Suzanne Campbell
Total Articles: 36
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Nowadays, you can count the people in California who are looking forward to retiring because most senior folks prefer to extend their working years, as they know exactly what follows retirement. Long term care is definitely not a topic which they would take lightly because they know that it can wipe out all of their assets in just a blink of an eye. Those with California long term care Partnership plans, however, think otherwise.

Majority of Californians who are moving towards the age of retirement say they comprise the big number of uninsured residents. This is not by choice, though. They say they have already thought about purchasing a long term care insurance (LTCI) policy but whenever they think of what could happen once they’ve reached the end of their coverage, they figure it’s not such a good idea at all.

Perhaps that’s because they have only seen the surface of product but if they would only take the time to go deeper and study the options which have been made available by insurance companies selling LTCI policies, they will realize that they can receive supplemental coverage from Medicaid ...
... should they run out of LTCI benefits. This can be achieved through a policy which complies with the rules of the Partnership LTCI Program.

The Partnership Program is a collaboration between private LTCI companies and various state agencies that are pushing for quality LTC in California. Given the fact that the state’s cost of care is rising at a speedy rate, the only way that residents can gain access to high quality LTC without using up their assets is through a Partnership LTCI policy. This insurance product and the non-Partnership policy cost the same but the former has more benefits to offer and one of which is called the Medi-Cal asset protection. Medi-Cal, by the way, refers to California’s Medicaid program.

Non-Partnership LTCI policies only pay out benefits up to the end of one’s benefit period. Now if you own a Partnership plan you don’t have to worry once you have exhausted your benefits because you can apply for Medi-Cal assistance without having to deplete your assets until it is no more than $2,000. Those who do not have a Partnership policy have to comply with this asset limit requirement which was set by Medi-Cal.

Advantages of a California Long Term Care Partnership Plan

Going for a Partnership qualified policy is very beneficial because it guarantees extensive coverage and large premium savings.

Normally, people would go for an LTCI policy which stipulates a five-year or unlimited benefit period to ensure that they won’t be left up in the air once their coverage is over and they are still in need of serious care. Unfortunately, this type of coverage will cost a lot of money and one has to completely adjust his lifestyle to be able to maintain the high premium of his coverage.

With a Partnership plan, an individual can opt for a policy with a short benefit period, such as three years. Should she run out of benefits later on she can simply apply for Medi-Cal and protect the amount of her assets that is equivalent to the amount of benefits which she has received from her policy.

There is so much to expect from California long term care Partnership plans so get in touch with a licensed LTCI representative in your area to find out what needs to be done in order to clinch your very own policy.

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