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GA Average daily benefit purchased: $ 139 per day.
Georgia is home to over 9.6 million people, and one of the top ten most populous states in the US. With over 1 million residents aged 65 or older (according to the 2010 US Census), it is one of the larger state consumers of Long Term Care services such as home health care and care in Nursing Homes and Assisted Living Facilities. This high number of seniors in the Peach State will increasingly need and use Long Term Care putting economic stress on both families and the state. In 2011, Georgia's Long Term Care Medicad expenses alone were over $2 billion. What's more, Georgia has the fifth highest rates for home health care in the nation, making long term care particularly expensive for Georgians.
Long Term Care Insurance is an important retirement planning tool, and Georgians have the choice of around 17 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.
The Georgia Long Term Care Partnership program is a joint partnership between the state's Medicaid program and the insurance companies. It is administered by the Georgia Department of Community Health in collaboration with the Office of the Commissioner of Insurance and the Department of Human Resources. The Partnership program was designed to help Georgians protect their assets by providing an incentive to buy a Long Term Care Insurance policy. This public-private partnership creates an innovative program offering individuals quality, affordable long-term care insurance and a way to receive needed care without depleting all their assets.Those who purchase a Long Term Care insurance policy through the Georgia Long Term Care Partnership program are protected both by their private policy and eventually, if needed, by Medicaid.
The state of Georgia, has developed a program to help fix the problem of lack of Long Term Care Insurance coverage for its residents. This crisis in long-term care is a national phenomenon, however, and not specific to Georgia. Georgia's population is 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.
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 crisis. Thus, many Americans 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 Georgia are invited to participate in the Georgia Long Term Care Insurance Partnership Program which is public and private partnership that offers individuals quality, affordable long-term care insurance and a way to receive needed care without depleting all their assets . Georgia, like many states, aims to reward those who do their part in solving this crisis of Long Term Care Insurance by planning ahead and protecting themselves and their assets.
Basically, it works like this: purchasers of partnership policies are eligible for Medicaid asset protection which means that for every dollar that a Partnership policy pays out in benefits, a dollar of assets can be protected (disregarded) from the long-term care Medicaid asset limit. The protected assets will also be exempted from Estate Recovery in amount equal to the benefits paid by the Partnership policy. 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 plan include:
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 Georgia 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 policies, simply fill out this form. Thank you for reading today's blog. We really appreciate it.
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