What is the Partnership? How does it work?
The costs of home health, assisted living, and nursing care are rising dramatically. The Long-Term Care Partnership, a joint venture between Medicaid and private insurance companies, is aimed at awarding Arkansans who plan ahead for their long-term care. Partnership policies allow you to receive private long-term care coverage and also apply for Medicaid assistance without having to go through the painful process of spending down your hard-earned assets to qualify or ask friends and family for help.
For example, a person who buys and uses a Partnership policy worth $200,000 will be able to protect up to an additional $200,000 of their assets if they later need to apply for Medicaid. Otherwise, this individual would have had to spend down their assets to $2,000 and may have had their estate taken over by the state after death.
Why is the State promoting this program?
The goal of the program is to allow Arkansans to proceed with their later years with dignity, independence and financial peace of mind. The Partnership fits into the state’s overall mission of trying to encourage Arkansans to plan how they want to live in their later years. It encourages people to take greater control over how they finance their long term care and may reduce the pressure on the current system of publicly funded long term care.
For further assistance, please contact
Scott A. Olson at 877-727-9582
or email Scott at Scott@LTCShop.com
Arkansas License #: 258150