Louisiana Long-Term Care Partnership Program: Asset Protection for Retirement Planning
In 2010 then Department of Health and Hospitals Secretary Alan Levine unveiled the Louisiana Long-Term Care Partnership Program. The partnership program was designed to help provide citizens coverage for long-term health care needs and "protect residents from being forced to exhaust their assets to become Medicaid eligible if they are faced with requiring long-term care, such as nursing home care or care due to a condition such as Alzheimer's disease."
Long-term health care services are not generally covered under health insurance policies, HMO plans, Medicare, or Medicare supplemental policies. Only Long-Term Care Insurance will provide you with guaranteed tax-free benefits giving you access to your choice of quality care options in your home or in a facility. Partnership policies provide you with additional dollar-for-dollar asset protection.
The Louisiana Long-Term Care Partnership Program's mission is to encourage individuals to plan for the high costs of long-term health care. Long-term care is a range of services and supports needed over a long period of time. These services can be provided at home, in residential facilities, nursing homes, or other community settings.
Safeguard Savings and Income from Expensive Long-Term Care Costs
"Failure to plan for long-term care can be financially devastating. More than 60 percent of Louisianans age 65 and older will need some kind of long-term care assistance in their later years," said Kathy Kliebert, Deputy Secretary of State of Louisiana.
In Louisiana, the average cost of in-home personal care is almost $41,000 a year, according to the LTC NEWS Cost of Care Calculator. One year in a nursing home care is just over $70,000 for a private room. These costs are increasing annually. Medicare does not cover these long-term health care expenses, although many people are unaware of this fact until it is too late.
"As you take the very important step of assessing your future long-term care needs, I encourage you to consider the benefits available through the Louisiana Long-Term Care Partnership," Kliebert said.
Read more on the Louisiana Partnership Program by clicking here.
The time to safeguard your future retirement income and assets from the financial costs and burdens of aging is best to happen when you are in your 40s or 50s when you still enjoy good health.
Long-Term Care Has Real Consequences
The consequences of declining health and longevity have a real impact on your family and finances. Rising costs make long-term care an even bigger concern. Even a small partnership policy can be a huge financial benefit, but long-term care is more than just a cash flow problem - it is a family problem.
Many families in Louisiana find themselves selecting a sibling to be mom or dad's caregiver because no other plan exists. Caregiving is demanding and causes stress and anxiety. Plus, the caregiver usually finds it difficult balancing their career, families, and finances with their role of being a caregiver. It is not easy. There is a better way.
Affordable Long-Term Care Insurance will not only protect assets but will ease the burden this care places on your family. Most states have partnership programs. See which states offer partnership policies by clicking here.
Most people obtain coverage in their 50s. Be sure to find an experienced Long-Term Care Insurance specialist to help you plan. Be sure they represent the top companies and have a complete understanding of underwriting, policy design, and claims.