Long-Term Care Insurance- New Laws
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We provide articles, resources and shopping links to long-term care insurance at Soundview Financial’s Retirement Savings Guide. We found this interesting article from The Wall Street Journal on a new law the offers better deals on long term care insurance. One of the problems with long term care insurance is that unless you purchase lifetime coverage (which is very expensive), your benefits could run out to soon. Then you would have to use your savings before you could qualify for long term care through Medicaid. Certain states now offer a way to preserve your assets by stepping in to help provide you with continuing care once your benefits are used up. The program- currently being offered in California, Connecticut, Idaho, Indiana and New York- provides that if you buy a long term care policy that has been approved by your state, once the insurance benefits run out, you can apply for Medicaid to help cover additional costs–and keep assets equal in value to the insurance benefits received. So, for example, if you bought a policy with $100,000 in benefits, then used them up, you could keep $100,000 in personal assets and still qualify for Medicaid coverage. Without the program, you would be required to use your assets for care before you can qualify for Medicaid. To find out if your state plans to offer this program, go to the American Healthcare Association’s Website- www.ahca.org/brief/ltcpp- or call the organization at 202-842-4444.
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For more information on long-term care insurance and other retirement planning strategies, please visit Soundview Financial’s Retirement Savings Guide.
