Georgia Long-Term Care Partnership Provides Asset Protection

The State of Georgia participates in the federal/state partnership program authorized by Congress and signed into law by President George W. Bush in 2005. Most...

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Georgia Long-Term Care Partnership Provides Asset Protection
2 Min Read April 28th, 2017 Updated:August 29th, 2020

The State of Georgia participates in the federal/state partnership program authorized by Congress and signed into law by President George W. Bush in 2005. Today 45 states have Long-Term Care Insurance Partnership plans in place. 

The Georgia Long-Term Care Partnership Program is administered by the Department of Community Health in collaboration with the Office of the Commissioner of Insurance and the Department of Human Resources, Division of Aging Services provides an alternative to spending down or transferring assets by forming a partnership between Medicaid and private long-term care insurers.

Public - Private Partnership for Long-Term Care

This public-private partnership creates an innovative program offering individuals quality, affordable Long-Term Care Insurance, and a way to receive needed care without depleting all their assets. Georgia Partnership Long-Term Care policies provide Medicaid asset protection

For every dollar that a Partnership policy pays out in benefits, a dollar of assets can be protected (disregarded) from the long-term care Medicaid asset limit. The protected assets will also be exempted from Estate Recovery in an amount equal to the benefits paid by the Partnership policy.

Once private insurance benefits are used, special Medicaid eligibility rules are applied if additional coverage is necessary. This dollar-for-dollar asset protection ensures you never exhaust all your assets, no matter how long your care situation lasts. The State of Georgia has a website for more information on the partnership.

Long-Term Care Medicaid spend-down is $2000. A spouse's minimum asset allowance is $120,900.

Most states have reciprocity with other states' long-term care partnership programs, including Georgia. This means if you move from or to Georgia, your partnership asset protection follows you as well.

A variety of products are approved in Georgia for Long-Term Care Planning. There are no current state tax incentives available at this time, but federal tax incentives do apply.

The time to address the financial costs and burdens of aging is best done before you retire. Affordable Long-Term Care Insurance, including Georgia Partnership Plans, offer asset protection. 

Affordable Long-Term Care Insurance will add peace-of-mind. The financial costs and burdens of aging will impact you, your family, savings, and lifestyle. LTC insurance policy will safeguard your savings and allow loved ones to be loving and supportive when your time comes.

 

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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

There are several resources available on LTC NEWS that will help you learn about your options to plan for the financial costs and burdens of aging. Your body, health, and mind will change in the next 20+ years. Consider the physical, emotional, and financial burdens that are placed on you and your loved ones as you get older.

Use the LTC NEWS Cost of Care Calculator and find both the current and future cost of care services where you live. Click here and see the financial impact. 

Caregiving is hard on family members and paid care is expensive. Affordable Long-Term Care Insurance provides the tax-free resources to pay for your choice of quality care in your home or in a facility.

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Be sure to seek the right type of professional help. Experts say to avoid using a financial advisor or general insurance agent. They often lack the experience and knowledge in policy features, underwriting, tax advantages, and other factors. Since premiums can vary by over 100% between insurance companies, you need a skilled and trusted professional.

A qualified Long-Term Care Insurance specialist will help you navigate the options and find the best coverage at the best value. Discover your trusted pro by clicking here.

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