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Long term care insurance has saved many families from the expense and hardship of dealing with a loved one who needs care. State Partnership Plans offer an extra level of protection for clients who purchase a qualified long term care insurance policy.
If your extended care needs go beyond the coverage your long term care insurance plan provides, the partnership plan will allow you to protect assets in an amount equal to the total insurance paid from the Medicaid spend-down requirements.
This means you can qualify for additional help under Medicaid and protect assets for your family should you need care longer.
This is an extra level of protection requires a long term care insurance plan be put in place. We can show you how to add this extra level of protection for you and your family.
Asset based long term care is one of the fastest growing options for setting up a long-term care plan because it cost you nothing in the long run if you never use it. Most plans will even pay you back plus interest if you cancel your plan and many have additional features such as death benefits which are guaranteed.
You now have an option to put your savings to work while getting the benefit of increased coverage compared to your savings alone. And if you never use it or decide you won't need it, you always have access to it. If you do need it for long term care, you get to withdraw the money tax free.
As your money continues to grow, it can be used as funds for retirement, estate or long term care. No more vanishing premiums.
It is a better alternative to Self Insuring.
Other benefits include:
What if you could pay a premium with the confidence to know that you will get your money back at some point in the future even if you don't use long term care? Now you can. And you can choose paymet options of lifetime (until on claim) or pick a limited period of time to have a fully paid up policy like 5,10 or 20-years. And.... you'll never see a rate increase.
Pay as you go asset based policies eliminate premium increases as they are a contract and also solve the "Use it or Lose it" problem of traditional policies. Plus, you have the comfort of knowing you will get some or all of your money back even if you don't end up in a long term care situation.
These policies can be a less expensive way to fund long term care than traditional options and offer several benefits such as stable premiums and the option to have joint coverage with a single contract.....and it pays you back if you never use it!
Today, due to early detection, prevention and advances in medical treatments, the odds of surviving a life altering critical condition are better than ever. For many of us, surviving such an illness can bring serious financial and emotional hardships - especially if that illness leads to a stay in an Assisted Living Facility or Nursing Home while recuperating.Critical Care Insurance provides a stream of income or lump sum payment that can be used for any use including; replacing lost wages, covering deductibles, housing expenses or any other need.