To encourage Americans to take more personal responsibility for covering their long term care costs, federal lawmakers have helped design state partnership programs. These partnership programs are now available in Alabama.
To receive Medicaid assistance under normal standards, applicants must first spend down all of their assets to $3,000 or less. However, with new partnership programs, people who purchase an approved long term care policy will have asset protection, which guards against rules that require people to liquidate assets to get state-funded care.
A partnership-qualified policy enables people to protect one dollar of personal assets for every dollar their policy pays out in benefits. The amount of asset protection is equal to the sum of all benefits paid under the policy when the consumer applies for aid.
This program is about helping people avoid the devastating financial effects of spending or giving away their savings to receive long term care coverage. Contact me today for a no-cost, no obligation consultation on your long term care planning options and to see if a partnership qualified long term care plan may be right for you.