How Florida Residents Can Participate
There are two core requirements to participate in the Florida Long Term Care Partnership Program:
Long Term Care Policy Design
Residents of Florida are able to participate in the Florida Long Term Care Insurance Partnership Program via a number of policy options that meet certain State-mandated criteria. Depending on your age, you will need to add an Inflation Protection rider to your policy when purchasing it. We recommend this anyway, as a policy is only as good as the benefit at time of need which generally is way out in the future.
How Partnerships Benefit You
So, we know why the states want Partnership plans and have put these laws on the books. What about the consumer? Florida, like many states, aims to reward those who do their part in solving this problem of Long Term Care Insurance coverage by planning ahead and protecting themselves and their assets. Basically, it works like this: purchasers of partnership policies are eligible for dollar-for-dollar Medicaid asset protection which means that Partnership Plans help provide you with asset protection in the event you use your policy benefits and need to seek continued benefits through Medicaid. This enables partnership policyholders to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid’s long-term care coverage.
Highlights of the Partnership Program include:
- Long-Term Care Partnership policies are tax qualified (a portion of premiums paid may be claimed as a tax deduction) under federal law
- Plans provide policyholders with inflation protection
- And most importantly, plans provide dollar-for-dollar asset protection in the event the policyholder needs to apply for long-term care Medicaid assistance. For every dollar that a partnership policy pays out in benefits, a dollar of assets can be protected from Medicaid spend-down requirements.
You can start planning today for your future long-term care needs and securing all that you’ve worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy. LTC Tree can assist you in finding a plan through the Florida Long Term Care Insurance Partnership Program that is right for you, no matter your age or financial status. If you would like to learn more about our affordable Long Term Care Insurance policies, simply fill out our request form. Thank you for reading today’s blog. We really appreciate it.