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.
There are tax advantages when you own your own business, including deducting the cost of Long-Term Care Insurance. Setting up an LLC in Georgia can be a great way to begin this entrepreneurial journey by providing you with an appropriate business structure and tax benefits.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
Being prepared for future declining health and aging has never been more critical than right now. Long-term health care costs are skyrocketing due to increasing demand, labor shortages, and high labor costs.
If you want to ensure you obtain quality care in the setting you desire, including in-home care, then getting affordable Long-Term Care Insurance is a vital part of your retirement planning.
Long-term care is a cash flow issue, but it is also a family issue, and the consequences on loved ones can be dramatic. Family caregivers find it hard to juggle their careers and family responsibilities with that of a caregiver for an older parent. The burden is something most people have said in surveys that they don't want to place on their family.
LTC Insurance provides guaranteed tax-free benefits to access your choice of quality care options, including care at home. You will protect your income and assets and reduce the stress and anxiety otherwise placed on loved ones.
Planning Tools and Resources on LTC NEWS
You can find many tools and resources on LTC NEWS to assist you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis.
To help you plan the costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:
- The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
- The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
- Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
- A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Seek Professional Guidance
Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, insurance companies' premiums vary over 100% for the same coverage.
Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.
A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Finding Quality Care for Mom or Dad
Start by reading our guides -
- Finding Quality In-Home Care | LTC News
- Adult Day Care Centers (ADCCs) | LTC News
- Assisted Living and Memory Care Facilities | LTC News
- Finding a Quality Nursing Home | LTC News
If they are lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Get Help in Filing a Long-Term Care Insurance Claim
Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help.
LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work, free with no obligation.
You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News.
Benefits of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement.
Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.
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Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.
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