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Long Term Care Insurance Georgia

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 Georgia 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.

Medicaid: How to Protect Your Family’s Future 

The Long Term Care Insurance Georgia Partnership is designed to reward Georgians who plan ahead for their future long term care needs.  The Long Term Care Insurance Georgia Partnership is an innovative partnership between Georgia and private insurers of LTC insurance policies. A qualified Long-Term Care Partnership policy goes above and beyond traditional LTC insurance.

Partnership and non-partnership long term care insurance policies are similar. However, the Long Term Care Insurance Georgia Partnership policies have the added benefit of allowing policy holders to protect a portion of their assets, such as income and resources if they choose to apply for Medicaid.  The added benefits of a Long-Term Care Partnership policy are asset protection, exemption from Estate Recovery and reciprocity among other Partnership states.

Dollar-for-Dollar Asset Protection
This feature provides dollar-for-dollar asset protection for every dollar that a Long-Term Care Partnership policy pays out in benefits, a dollar of assets can be protected from the LTC Medicaid asset limit.

When determining long-term Medicaid eligibility, any assets up to the amount the Long-Term Care Partnership policy paid in benefit will be disregarded.  The Long-Term Care Partnership insurance policy does not have to be exhausted before asset protection is allowed.

The State of Georgia recommends:

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