Long-Term Care Partnership Program has long existed since the 1980s but was introduced in the State of Florida only in 2005, when the Florida legislature passed a bill to provide the foundation for the establishment of a Partnership program. The Agency for Health Care Administration was also directed to draft a program that will lay out standards and eligibility, in coordination with the Office of Insurance Regulation. In 2006, lawmakers approved a senior protection bill "to make Long Term Care insurance affordable, available and marketable".
As for the Long Term Care Policy, an individual must meet the following requirements to qualify in the program, such as:
• Partnership policies are eligible to any residents of Florida at the period the policy was acquired.
• There is inflation coverage for all partnership policies. As a result, policy holders who are 60 years old and below will have annual compound inflation coverage in their policies. On the other hand, those who are 61 years old but haven't reached the age 76 will get compound inflation coverage.
• All policies in Florida are tax qualified. This means that a person can claim a fraction of the insurance premiums as a tax deduction.
Please take note that Medicaid won't be applicable to all expenses related to long-term care. In fact, Medicaid only pays for LTC costs for Florida residents who are poor and live below the poverty level. Due to financial limitations, the state can't afford pay for everybody's long term care expenses for the rest of their lives. Florida long term care insurance, hence, is an essential investment that will help you secure your future and satisfy financial needs as you age.
Contact us for additional information and non-obligation quotes: mmminter@mintcofinancial.com
www.MintcoFinancial.com
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