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Long Term Care Insurance 101

Qualifying For Medicaid If Your Benefit Runs Out

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Historically, you had to spend just about all of your savings before you could qualify for Medicaid to cover the cost of long-term care. However, many states have established partnership programs that let you protect some retirement savings and still qualify for Medicaid. The only requirement is that you purchase an approved long term care insurance policy.  Most new policies qualify. So do many older ones.

To illustrate how these partnership works, let's assume that you purchase qualifying long term care policy with $200,000 of coverage (To calculate the amount of coverage, multiply the daily benefit by the period of time over which it is paid).

If you spend all the money and still need care, you can shield $200,000 of your assets and Medicaid will pay the rest of your nursing bills for life.

To find out if your state has a long term care partnership program, see: www.kiplinger.com/links/longterm offsite link.


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