FL Average daily benefit purchased: $ 145 per day.
There are over 19,000,000 people living in Florida, making it our nation’s fourth most populous state and one of the largest state consumers of Long Term Care services (including care in Nursing Homes, Assisted Living Facilities and Home Health Care). According to the US Census, Florida has almost 3.4 million residents aged 65 years or older. This high number of seniors in the Sunshine State will increasingly need and use Long Term Care putting economic stress on families and the state. In 2011 the total Long Term Care Medicad expenses alone in Florida were $4.8 billion, and the total expenses (Medicaid and private combined) were $11.2 billion.
Long Term Care Insurance is an important retirement planning tool, and Floridians have the choice of 13 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.
The Florida Long Term Care Partnership program is a joint partnership between the state’s Medicaid program and the insurance companies. The program was approved by the state legislature in 2005 (effective date of Jan 1, 2007), and it was designed to help Floridians protect their assets by providing an incentive to buy a Long Term Care Insurance policy. Those who purchase a Long Term Care insurance policy through the Florida Long Term Care Partnership program are protected both by their private policy and eventually, if needed, by Medicaid.