Louisiana Long-Term Care Partnership Program: Asset Protection for Retirement Planning
Most states, including Louisiana, offer one of the biggest retirement planning secrets in the country. Affordable Partnership Long-Term Care Insurance policies are available with dollar-for-dollar asset protection. Aging and declining health will happen; being prepared makes it easier on those you love.
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.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
Being prepared for declining health and the consequences of aging should be a crucial part of your overall retirement plan. People need long-term care services due to an illness, accident, or the impact of aging. Health insurance and Medicare (including supplements) will not pay for most of these costs.
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.
The solution is affordable Long-Term Care Insurance. 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 four 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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Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News
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