More on Indiana
Indiana, like most states in the US has instituted a plan to tackle the problem of lack of Long Term Care Insurance coverage for its residents via a partnership program between private Long Term Care Insurance companies and the State. Indiana’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 Indiana Long Term Care Partnership Program is an innovative partnership between the State of Indiana and private long term care insurance companies. Indiana has taken the lead in helping residents protect their hard-earned savings from the high cost of long term care.
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 66% 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 Indiana are able to participate in the Indiana Long Term Care Partnership Program via a number of policy options that meet certain State-mandated criteria. Indiana, 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. The Indiana LTC Partnership program works like this: few people can afford to pay for long term care themselves. The State cannot afford to pay for the long term care of every Hoosier. So, the State developed the Indiana Long Term Care Insurance Program thus creating high quality long term care insurance paired with a means to protect individual assets that 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:
- Indiana was one of the first states to offer partnership policies
- Offer Medicaid Asset Protection that is dollar-for-dollar
- Only policies approved by the Indiana Long Term Care Insurance Program offer guaranteed asset protection, plus more affordable, shorter terms of coverage
Also, Partnership policies…
- provide for guaranteed asset protection for the policyholder
- have benefits that increase by 5% annually or at the CPI inflation rate to keep up with the rising cost of care
- if covering home and community care, include: home health care, home health aide, attendant care, respite care, adult day care, and case management services
- use the same criteria for when benefits are paid. This criteria is based on your physical inability to do activities of daily living or your having a cognitive impairment like Alzheimer’s disease.
- require insurance agents to receive 15 hours of training on long term care insurance and the Indiana Long Term Care Insurance Program prior to selling
- require an adequate minimum daily benefit.
- incorporate more consumer protection and disclosure features than other policies
The inflation feature is crucial here. Inflation protection ensures that your policy will pay out in tomorrow’s dollars and that you’re covered for the care you need. A list of approved carriers can be found here http://www.in.gov/iltcp/2360.htm
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 Indiana Long Term Care 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 Indiana partnership policies, simply click this link to have your Indiana Long Term Care Insurance Partnership quotes mailed http://www.longtermcareinsurancetree.com/quote