Missouri Long-Term Care Partnership - Quality Care and Asset Protection

One of the biggest retirement planning secrets is Partnership Long-Term Care Insurance. Missouri is one of 45 states that participate in the program.

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Missouri Long-Term Care Partnership - Quality Care and Asset Protection
2 Min Read March 7th, 2017 Updated:June 1st, 2021

One of the biggest secrets in retirement planning is the Long-Term Care Partnership program. In forty-five states, Partnership Long-Term Care Insurance provides a way to shelter assets and still qualify for Medicaid's long-term care benefit if necessary.

Partnership Program Helping Missourians Plan for Long-Term Care Costs

In Missouri, residents can take advantage of these affordable policies and ensure that their assets are protected for future generations. A partnership policy makes it easier to qualify for Medicaid if you have exhausted your Long-Term Care insurance policy benefits. The partnership program allows you to purchase a smaller plan that matches your savings so you don't 'over-insure.'

The partnership program allows you to keep assets no matter what. You get "dollar-for-dollar asset protection" - your assets are sheltered from the Medicaid spend-down. Typically, you must have little or no assets to qualify. You can see the current costs of long-term health care in Missouri and the Medicaid rules and other state-specific information by using the LTC NEWS Cost of Care Calculator - just click here.

Note that the costs of long-term health care services in Missouri are more expensive in St. Louis and Kansas City area. Compare that to the cost in Joplin and Cape Girardeau, where the costs are lower. 

Seek Professional Help as Rules in Missouri Must be Followed

Several rules must be followed in Missouri for the Long-Term Care Insurance Partnership Program - click here. Because of the complexities of the Missouri Partnership, along with underwriting and other policy difference between insurance companies, be sure to seek the help of a licensed and experienced Long-Term Care Insurance specialist. 

Premiums vary over 100% between insurance companies, and only some companies offer partnership plans. Most general insurance agents and financial planners are not knowledgeable in this area, and it takes the skill and experience of a specialist. 

Find a qualified specialist by clicking here.

Family Fills Role of Caregiver in Absence of Plan

More Americans than ever before will need long-term health care due to changes in their health, body, and mind as they get older. Many times, adult children must fill the role of being a caregiver, which presents physical and emotional demands on them and their families. 

Experts suggest obtaining coverage before your retirement, ideally in your 40s or 50s when you still enjoy good health and qualify for lower premiums. 


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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

Preparing your family and finances for the future costs and burdens of aging is an essential part of retirement planning. Partnership policies are a big part of the equation. But Long-Term Care Insurance is more than just about money. 

Planning for long-term care is a cash flow and family problem. You don't need a plan that pays for every potential penny of cost as you will have income coming in from social security, a pension, or your savings. However, a specialist will design a plan, so you don't over-insure and spend more money than you need.

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