Long Term Care Insurance Policy Brochures for Arkansas
Long Term Care Insurance Arkansas
Long-term care issues can be complex and confusing. With so many options, services and settings in which care is given, many people delay learning about the issues until they are personally affected. Unfortunately, that is likely to be the time when you are under the most pressure to make a decision, and when time is too short to carefully weigh your options.
Because these long-term care issues deserve your careful attention, don’t wait until it’s too late to find out all you can about this important health care alternative. Don’t wait any longer to find out important information!
What is Long-Term Care?
Long-term care is the day-in, day-out assistance you might need if an illness or disability lasts a long time and leaves you unable to care for yourself. This may or may not include a nursing home stay. In other words it is a continuum of services that can be provided in a variety of settings ranging from one’s own home, assisted living facility, adult day care facility or a nursing home. Long-term care covers a broad spectrum of care and services ranging from basic personal care to medical care.
Long Term Care Insurance Arkansas Shopping Tips
- Shop around for an insurance agent and an insurance company–ask friends, family or neighbors if they recommend their insurance agent or company.
- Ask insurance agents which insurance company’s products they sell; most agents only sell products from a few companies. Compare several different products from several different insurance companies. You might need to talk with several different agents.
- Carefully compare the benefits and restrictions between policies.
- Most LTC insurance premiums increase over time. Carefully evaluate whether premium payments over a long period could be a financial hardship.
- Never pay insurance premiums in cash; do not make checks payable to the insurance agent.
- Read your policy carefully and ask follow up questions.
- Use your 30-day “Free Look” period to return a policy for a full refund if you are not satisfied!
- Understand what a Long Term Care Partnership (LTCPP) policy is, how it differs from non-LTCPP policies, and whether it is affordable for you.
What is the Long Term Care Insurance Arkansas Partnership?
The Long Term Care Insurance Arkansas Partnership is a program authorized by Congress and the Arkansas Legislature to encourage and recognize the efforts of Arkansans to prepare for the financial impact of the need for long-term care. Qualifying for Medicaid normally requires a very low-level of personal assets, often forcing seniors to spend down their hard-earned money to qualify. With a Long-Term Care Partnership policy, you’ll get to keep more of what you’ve worked to earn and save over your lifetime, if you meet other Medicaid eligibility requirements including the income standards. In its calculation of eligibility for Medicaid benefits, Medicaid will disregard or exclude assets equal to the amount of benefits paid under a Long-Term Care Partnership policy.
What is the Partnership? How does it work?
The costs of home health, assisted living, and nursing care are rising dramatically. The Long-Term Care Partnership, a joint venture between Medicaid and private insurance companies, is aimed at awarding Arkansans who plan ahead for their long-term care. Partnership policies allow you to receive private long-term care coverage and also apply for Medicaid assistance without having to go through the painful process of spending down your hard-earned assets to qualify or ask friends and family for help.
For example, a person who buys and uses a Partnership policy worth $200,000 will be able to protect up to an additional $200,000 of their assets if they later need to apply for Medicaid. Otherwise, this individual would have had to spend down their assets to $2,000 and may have had their estate taken over by the state after death.
Why is the State promoting this program?
The goal of the program is to allow Arkansans to proceed with their later years with dignity, independence and financial peace of mind. The Partnership fits into the state’s overall mission of trying to encourage Arkansans to plan how they want to live in their later years. It encourages people to take greater control over how they finance their long term care and may reduce the pressure on the current system of publicly funded long term care.
The State of Arkansas recommends:
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