Individual & Spousal Coverage
Long Term Care isn’t for everyone, but it can provide financial stability and resources unavailable from health care insurance or from the government.
Comprehensive coverage is available for you individually or for you and your spouse/partner. You should be sure to consider a Shared Care provision in considering policy benefits. A well structured policy can help to preserve your assets and your independence by assuring you stay in control of your care.
The average cost for an assisted living facility in Pennsylvania is $3,555 per month. The average cost for a nursing home semi-private room is $293 per day or $8,790 per month. A nest egg of $100,000 or $200,000 won’t last long with expenses like these.
More than 200,000 senior Pennsylvanians are enrolled in the State’s medical assistance program known as Medicaid. However, Medicaid will pay for your Long Term Care needs only when your assets and resources (excluding your home, one car, and some other personal assets) are at minimal levels. If you do not have private insurance, you have to pay for your expenses and spend-down to Medicaid’s asset limit in order to qualify.
Long Term Care Partnership Policy
Policies that meet the requirements of the Partnership program are called Partnership policies and provide a unique feature called dollar-for-dollar asset protection. This provides the policyholder an asset protection equal to the insurance benefits paid by the policy. Therefore, if the policyholder received $200,000 of insurance benefits and is still in need of Long Term Care, he/she is entitled to keep $200,000 in assets beyond the limits of Medicaid. This means that residents of Pennsylvania may qualify to receive care through the Medicaid program without being required to spend down all of their assets.
Home Health Care Protection
Today’s long term care policies as well as hybrid and linked benefit policies, provide that 100% of your LTC benefit is available to help you stay at home as long as possible.
The average cost for homemaker services in PA is $20 per hour, or $21 per hour for a medicare certified home health aide. A good long term care policy will pay for this care in your home up to your policy limits.
The benefits can be for personal care services to help you with activities of daily living, homemaker services, a registered nurse, home health aide, or therapist. You may also qualify for policy benefits if you have severe cognitive impairment.
For additional information please visit futurecareassociates.com. There is a section on the site called Am I Insurable? By completing this information, we can determine if you will qualify for coverage and what companies will provide the best rate.