The Benefit Period for Long-Term Care Insurance
The benefit period for your policy will vary for anywhere between 2 years and unlimited lifetime coverage depending on the level of plan you purchase. The benefit period means the amount of time your policy will pay for your care. Applicants should keep in mind that while premiums will be [...]
Comprehensive Plans vs. Facility Only Plans
Comprehensive plans are designed to allow people to stay home longer and assist in the transitions to other levels of care as needed. These plans will cover your long term care including in home care, adult daycare, assisted living and nursing home care. This is a more expensive plan as [...]
Qualifying to Use the Benefits of a Long Term Care Insurance Plan
In order to use your long term care insurance, a licensed healthcare practitioner will need to qualify that the insured needs help or substantial assistance with at least 2 out of the 6 daily living activities listed below for a period of 90 days or more. Daily Living Activities: Bathing [...]
Long Term Care Insurance
Long term insurance costs depend on the options chosen by the applicant. The more options you choose, the higher the cost of your plan will be, but it will still be more affordable than the price of long term care in a nursing home without insurance. Recognizing that the premiums [...]
Medicaid and Assets: Key Terms
Prenuptial Agreements: When it comes to Medicaid, a married couples assets combine to become marital property, regardless of any prenuptial agreement. In order to be eligible for Medicaid, a married couple will have to go through the spend-down process with consideration to their combined assets. Mandatory Estate Recovery: Based on [...]
Reverse Mortgages and Medicaid
While reverse mortgages do not affect Medicare or social security income, they can affect local programs such as Medicaid. In Ohio, the proceeds from a reverse mortgage that is received in a lump sum will count toward eligibility. If you are someone that needs to be on Medicaid, “gifting” and [...]
Medicaid and Partnership Long-Term Care Insurance Policies
Each individual state will have the opportunity to help protect Medicaid budgets by implementing Long-Term Care Insurance Policy plans. Requiring that benefits of qualifying insurance policies be paid before Medicaid benefits can be assessed will help to greatly reduce the burden on the Medicaid program. These policies will also allow [...]
Understanding Medicaid
Medicaid, established by federal law, is administered by each state individually. Medicaid is considered a long term care payer of last resort for frail seniors, people with health problems, mental retardation or mental illness and those with both physical and developmental disabilities. Each state determines coverage of the costs of [...]