Florida Long-Term Care Partnership Helps Floridians Protect Savings

About 20% of Florida's population is age 65 or older. More than one in four Floridians will be part of this age group by 2030. Many people are moving here, including many retirees. Luckily, Florida participates in the Long-Term Care Partnership program.

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Florida Long-Term Care Partnership Helps Floridians Protect Savings
1 Min Read December 10th, 2017 Updated:September 26th, 2022

When you think of retirement locations, Florida is often on the top of many people's lists. Lots of sunshine, palm trees, warm weather, even in the winter, no state taxes, and lots of recreational activities attract many people to Florida. 

People aged 65 and older currently comprise about 20% of Florida's population. More than one in four Floridians will be part of this age group by 2030. New residents of Florida are older, comprising 57% aged 60 and older. However, the need for long-term health care also comes with aging and declining health. 

Many new residents will move with their Long-Term Care Insurance policy. These LTC Insurance policies are ready to provide them with the tax-free resources to pay for quality care options throughout Florida. 

Many People Own Partnership LTC Insurance

Of course, many long-time Florida residents also have Long-Term Care Insurance. Many of these policies are partnership certified. Florida participates in the federal/state Long-Term Care Partnership Program authorized by the Deficit Reduction Act (DRA). Owners of these qualified LTC Insurance policies have additional asset protection.

Florida's Long-Term Care Partnership Program is a partnership program between Medicaid and private long-term care insurers designed to encourage individuals to purchase private Long-Term Care Insurance. 

When you own a Partnership Long-Term Care Insurance policy, you have dollar-for-dollar asset protection. If you exhaust your benefits, you can shelter part of your estate based on your policy's total amount of money paid for your care. 

Partnership LTC Policies Shelter Part of Your Estate

You usually have to have little or no income and assets to qualify for Medicaid's long-term care benefit. With a Partnership Long-Term Care Insurance policy, you can access Medicaid's long-term care benefits without being poor. Even a small policy provides substantial asset protection. For every dollar a partnership policy pays out in benefits, a dollar of assets can be protected from Medicaid spend-down requirements.

No matter how long you need care, your policy shelters part of your estate so your family will still have something after you leave the world. Long-Term Care Insurance is custom designed, so the policyholder can decide the amount of benefits within the policy.

The partnership plan is intended to encourage state residents to make better plans for their future long-term health care needs. Plans must meet state and federal requirements to be considered a partnership plan.

The problem of long-term health care is growing nationwide. People require long-term health care due to illness, mobility problems, accidents, dementia, and the frailty of aging. The risk of needing help increases as you age. Longevity means, at some point, you will probably need help with the routine daily living activities you take for granted now. 

Florida Long-Term Health Care Costs Growing Sharply

The growing demand for care, higher labor costs, inflation, and other factors increase long-term health care costs. In Florida, there is great demand for care due to an aging population and large numbers of retirees moving into the state.

The LTC NEWS Cost of Care Calculator provides many resources, including the current and future cost of care services throughout Florida. You will see information about the Florida Partnership Program, reciprocity, care providers, the Florida Medicaid program, the Florida Estate Recovery Program, and a variety of state resources available in Florida to help residents and their families with issues of aging and long-term health care.

You can imagine how quickly income and assets can be drained when paying for long-term health care. Many older Florida residents have adult children that live elsewhere. It is hard to be a caregiver when your loved one lives far away. Those with Long-Term Care Insurance make it easier for families to ensure their parent receives quality care even when they do not live close by. 

Are You Prepared for the Consequences of Future Long-Term Health Care?

Whether you live in Florida, are thinking of moving to Florida, or just like to vacation and dream about Florida, being prepared for the costs and burdens of aging is a crucial part of retirement planning. 

Most people obtain coverage in their 50s. Most states have active partnership programs; if you move, your additional partnership benefits will travel with you (except for California).

LTC Insurance is affordable for most people - How Much Does Long-Term Care Insurance Cost? Premiums vary depending on the insurance company, age, health, and other factors. You can compare the top insurance companies and get quotes to see if a policy is right for you.

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

You probably have noticed numerous changes in your body as you age. Once you have reached age 50, you will see more declining health, mobility problems, pain, dementia, and age-related frailty.

Not everyone will need long-term health care; however, the risk increases dramatically with longevity. Many of us will become dependent on others to maintain our everyday lifestyle and complete the daily activities we take for granted today.

The need for long-term health care isn't always dramatic, nor does it mean nursing homes. Most long-term care services are provided at home. The growing use of adult day care centers, assisted living facilities, and memory care diminishes the need for nursing homes.

Planning is vital, so you have the resources to pay for the increasing cost of long-term care services. Health insurance and Medicare will only pay for a small amount of skilled care, leaving you responsible for most of the expenses. These costs will be a financial strain and place stress and anxiety on family members.

Long-Term Care Insurance is an affordable planning solution. LTC Insurance will provide you with guarantees. You will have guaranteed tax-free benefits that give you access to your choice of quality care services, including in-home care.

Premiums are based on your age at the time you obtain coverage and many other factors, including your health. Most people get coverage in their 50s.

An LTC Insurance specialist will work with all the top companies and understands underwriting, policy design, and claims - Work With a Specialist.

Tools and Resources Available on LTC NEWS

There are a variety of tools and resources that LTC NEWS offers that can help you in your research:

  • The Ultimate Long-Term Care Insurance Guide - If you like details, you will enjoy this comprehensive guide to LTC Insurance. 

  • Long-Term Care Guides  - LTC NEWS has several other guides that can help you plan or find quality care.

  • Cost of Care Calculator - Choose Your State - You can find the current and future cost of long-term health care services where you live.

  • Frequently Asked Questions - Get the answers to the most often asked questions about long-term health care planning and LTC Insurance.

  • Filing a Long-Term Care Insurance Claim - Does a loved one - like your Mom or Dad - have a Long-Term Care Insurance policy and need to file a claim to get benefits? LTC NEWS will help. If they don't have a policy, but you need help in getting a plan of care and finding caregivers, LTC NEWS can also assist.

  • Reverse Mortgages - Learn about reverse mortgages and ask questions about how they work and if you or a loved one would benefit from one.

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