California Encourages Long Term Care Preparation with Partnership Policies
Planning for long term care isn’t as simple as setting money aside and being done with it, especially in states where care costs more than the national average. California is one of those states and residents can benefit significantly from taking the time to prepare for long term care costs in advance. The California Partnership for Long-Term Care provides a way to help Californians plan for the expenses associated with long term care without breaking the bank.
Long Term Care Expenses
The California Medi-Cal system currently pays for the majority of long term care facility expenses throughout the state. With the “Silver[…]
California Partnership Plan Facts
he other day I had a client ask two questions pertaining to the California Partnership Plan, which I had not previously been asked. I found a contact at the CA State Partnership, (named Tracy, her number: 916-552-8990), who was able to answer these questions for us.
Q1) Can she and her husband reduce the inflation protection from 5% compound to 5% simple after they turn 70.
A: The State representative said it is acceptable to reduce the inflation protection after age 70, and retain the benefits of the Partnership Plan, but this would not be advised due to the added protection of[…]
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