More on Kansas
Kansas, like many states, has instituted a program to tackle the problem of lack of Long Term Care Insurance coverage for its residents via a partnership program between private industry and the State. Kansas’s population is rapidly aging and awareness of the need for Long Term Care Insurance remains low. Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves and is not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.
The Kansas Partnership for Long-Term Care offers a way for Kansans to protect their assets if they ever need to apply for Medicaid services. A recent study found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers. And, given that the Department of Health and Human Services estimates that 2/3 of all Americans will need long-term care at some point after they pass age 65, this does, indeed, constitute a problem to be reckoned with. Many Americans, regardless of the State in which they live, are now at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves.
Residents of Kansas are able to participate in the Partnership for Long-Term Care via a number of policy options that meet certain State-and Federally-mandated criteria and qualifications. Kansas, 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, Kansas residents that purchase partnership policies are eligible for Medicaid, dollar-for-dollar asset protection. 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 and requirements of the Partnership Program include the initiative that encourages Kansans to partner with the state based program as they purchase qualified private long term care insurance policies.
Kansas partnership qualified policies are available from licensed insurance professionals. Policies must meet the state and federal Partnership requirements. People who purchase qualifying long-term care policies, after depleting their insurance benefits, may still qualify for Medicaid, provided they meet all other Medicaid eligibility criteria.
The Long-Term Care Partnership program provides dollar for dollar asset protection. Each dollar that your partnership policy pays out in benefits. entitles you to keep a dollar of your assets if you ever need to apply for Medicaid services. Under provisions of the federal Deficit Reduction Act of 2005, states are authorized to enact Partnership programs. Partnership programs must be tax-qualified, contain certain consumer protection provisions and provide inflation protection.
You can start planning today for your future long-term care needs and securing all that you have 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 Kansas Partnership for Long-Term Care 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 this form. Thank you for reading today’s blog. We really appreciate it.