Extra Benefits Of Pennsylvania Long Term Care Policies

Some Pennsylvania residents might find it hard to buy a Pennsylvania long term care insurance policy that they can use to help them pay for their LTC needs in the future. Because of this, the risk of having more uninsured residents is a big risk not only to their health but also to the government services and programs that help pay their beneficiaries’ LTC requirements.

And because of the fact that rates and amount of the LTC policies continue to increase almost annually, it would be very hard for services like Medicaid and Medicare to cover all the other LTC needs of those who rely on their assistance, especially if the population of those who are yet to avail their own policies continue to grow as years pass by.

As a precautionary measure to prevent this scenario, the local state of Pennsylvania continues to search for different ways on how they can provide their citizens with more effective LTC policies without compromising the quality of services that the insurance holders get. And one of the programs that they have implemented to make their goal come true is the so-called Pennsylvania Partnership program.

This program was signed into law in July 2007 by Governor Ed Rendell and has been effective ever since. It gives the residents more alternatives or options for buying cheaper LTC policies with the assurance that the services and benefits will be as good as what the other policies from private insurance carriers provide.

The Pennsylvania long term care Partnership program offers all the mandatory features that all LTC policies in the country has. These include the daily benefit amount, the benefit coverage period, waiting period, and inflation protection. These features should all be present on the insurance contract so that the policyholder can make sure that his policy is valid and authorized to receive LTC benefits.

Aside from this, the partnership policies also have two additional features that only Partnership plan holders are entitled to have. One of these is known as the Dollar-for-Dollar asset protection, which makes the insurance owner keep a specific portion of his assets for every time that his partnership plan pays out in benefits.

This can help him qualify for Medicaid assistance should his policy expired and he still needs additional LTC coverage. The Medicaid can disregard all the assets that he was able to keep but he must still meet the requirements set by Medicaid before he can be eligible for benefits.

The other extra feature is the reciprocity standards wherein the policyholder can transfer or move to another state or location without the need to purchase another LTC insurance. He can still keep and use his LTC plan that he bought from his previous insurance provider as long as the state that he transferred to also participates in the reciprocity agreement and also offers partnership policies.

The Pennsylvania long term care partnership program almost provides the same benefits that a private LTC plan can provide. However, it is cheaper and has other features that can help the person fully maximize his policy. Ask your insurance company now about this and start making plans for your future.