With the array of Long Term Care resources available on the net today, majority is probably aware of the ins and outs of this policy - its scope, limitations and premium costs. However, does everyone know that just like cultures and dialects, LTC varies in every state? The cost of Florida Long Term Care Insurance is different from that of New York or another state. Laws governing health care varies as well and it is the responsibility of the residents of a certain state to be aware of these laws.
What then do residents from Florida need to know about the status of LTC policies in their state? How does it differ from other states, especially in terms of cost? Are there enough good nursing facilities available?
In a study by Genworth, the cost of Florida Long Term Care Insurance is rising faster than inflation. An average yearly amount of USD $82,125 goes to private nursing homes while semi-private homes costs about USD $74,825. The high-end nursing homes, on the other hand, are worth USD $313 and USD $247 daily at the metro areas of Naples and West Palm Beach. Naples, being the most expensive area in Florida for assisted living facilities, costs USD $4,600 monthly. And do you know that the price of private rooms in nursing homes in Florida's four largest regions has risen significantly? Compared to the 2.3% rise in the core CPI in 2005, the following figures appeared for the four regions:
-5% increase in Jacksonville -4% increase in Tampa - St. Petersburg -3% increase in Miami-Fort Lauderdale -3% increase in Orlando
Because of this ever-increasing cost, most residents of this state turn to private LTCi. This is to secure their assets and their families' future.
There are top and trusted insurance companies who are participating in the State Long-Term Care Insurance Partnership Program. This alliance between private LTC companies and the state government is formed to lessen reliance on Medicaid as a source for a person's long term health care needs. This is a good solution that will be beneficial to consumers. If before, one has to use up all their assets before they are eligible for Medicaid, now the case is different. They can instead apply for state long term care partnership programs to assist them. This tie-up also helps the government in saving Long Term Care expenditures which totals to almost one billion dollars yearly.
How then does this partnership work in the state of Florida?
The process is the same with other states that are part of the agreement. Good thing Florida is one of the states that offer partnership policies. Medicaid and private insurance companies tie up to fund Florida Long Term Care Insurance to provide with LTC plans. This partnership also allows individuals to have more chances of qualifying for Medicaid benefits. One great feature of this partnership is the dollar-for-dollar asset protection which allows an insured individual to keep a dollar of his assets for every dollar that his partnership policy pays out in benefits.
Navigating Through Long Term Care Resources Reinsuring the Risk - Medicaid Compliant Annuity or Promissory Note Learning the Ropes of LTC Insurance Finding the Right Long Term Care Resources Long Term Care Costs and How Age, Health, and Location Affect It
0 comments:
Post a Comment