Guide to Florida Long Term Care Partnership
The Florida Partnership for long term Care Program was passed in the government of Florida alongside the execution of the new Federal policies with reference to Medicaid Programs in the mentioned state which occurred in November 2007. This aims to encourage a certain individual in Florida to avail of long term care insurance with the assurance that the government will lend a hand to the purchaser making every single detail to be much easier to handle.
In layman’s term, the Florida Partnership for long term care implies that if an individual in Florida decides to purchase a LTC insurance policy which is eligible as a Partnership plan, the person insured will be a qualified Medicaid beneficiary. A certain individual who is a legal resident of Florida and buys a Long term-care Partnership Plan will be entitled without meeting the necessary Medicaid asset spend down requirements set by the government.
To explain it further, suppose a LTC purchaser gets a contract that meets the standards of a Partnership plan with the total communal amount of $200,000. In case this person has used up all the policy benefit, there is no need for him/her to strip off $200,000 away from his personal assets just to qualify for Medicaid. This simply means that if the person who purchased the Florida long term care Partnership Program has less than $200,000 even before the policy benefit has been all used up, the person would be able to avail of Medicaid benefits without meeting the spend down requirement of $200,000.
As these processes are done, a qualified insurance agent must always be present. A certain Florida long term care Partnership Program purchaser should consult an agent that will assure the plan to be in the client’s advantage.
Florida Partnership policies are not really that different when it comes to the benefit structure. The only thing that the plan should meet is the tax qualification plan as defined by the Federal law and must include inflation requirements which are:
1. People who are under 65 of age- the inflation provision should be Compound.
2. People who are 61-76 of age- the inflation requirement is Some Protection
3. People who are over 76 years old- there is no inflation requirement
If you already have availed of a LTC policy from other states, there is still a chance for you to be qualified for the Partnership Program. The terms and conditions will depend upon the law pertaining to the Partnership in the state where the long term care insurance was bought especially if their policy is different from Florida’s.
However, there is a law which implements that any Florida Partnership Policy issued after 1 March, 2003 should be swapped for a LTC policy that meets the requirements of a Partnership Policy. This is due to the fact that any policy issued after the mentioned date does not automatically imply that it is a Partnership Policy. That is why insurance companies in Florida have been making it much easier to make existing contracts qualified for exchange so that it would be eligible to become a Partnership Policy.