Long Term Care Insurance Broker Discusses Partnership Policies
As an experienced Long Term Care Insurance Broker, I often get questions from physicians and dentists about what a partnership policy is. A partnership long term care insurance policy is a way for an individual to obtain long term care insurance by splitting the benefits between themselves, an insurance company, and whatever state that they live in. In an ideal world, because nobody really knows how long they are going to need long term care benefits for, you’d like to have a policy with unlimited or lifetime benefits. As you can imagine, premiums for that type of policy would be very expensive.
Under the partnership policies, which are becoming more numerous around the country with reciprocating benefits among states, the state has told the individual that if they agree to buy a limited benefit period, say three or four years, if the individual still requires care after three or four years, they will apply for Medicaid extended coverage and automatically be qualified without spending assets down to Medicaid limits.
Are you a physician or dentist with questions regarding Long Term Care and Partnership Policies? Contact our professional Long Term Care Insurance Brokers for guidance.
This educational blog was brought to you by Robert Peterson, an experienced Long Term Care Insurance Broker. We are dedicated to providing dentists and physicians with long term care insurance to help them better protect their income. Let our experience work for you.