Partnership LTCI Policies for California’s Aging Group

California’s elderly population is increasing at a very fast rate. This is supposed to be a good thing but only a fraction of these elderly folks are prepared for the cost of care. Others have yet to look into their options such as California Long Term Care Partnership Plans. Californians who are now 65 years old and older comprise 11% of the state’s total population according to the U.S. Census Bureau. In 2050, their number will double and by then it would be even harder for the government to shoulder all of their long term care (LTC) expenses. If the cost of care in California is mere loose change its residents can relax and leave their health care expenses to the Department of Finance. Unfortunately it’s not loose change instead it’s equivalent, or more, than one’s annual income. California’s cost of care is as expensive as its cost of living, if not more expensive. Now don’t think that only those people who are genetically predisposed to a certain kind if illness will need LTC because health care studies have revealed that an individual’s lifestyle can also affect the state of his health tomorrow. So if you smoke, drink, work or party until the wee hours of the morning you could consider a visit to the doctor. In case you end up needing LTC someday, you may want to study today’s cost of care because it will be the basis of LTC costs 30 years from now. Nursing home residents in California are currently paying out $257 a day, on average, for a private room. Senior folks in assisted living facilities are paying slightly lower than those who are receiving in-home care. For a month’s stay in an assisted living facility one has to fork out $3,500 while in-home care recipients shell out $25 per day, which translates to $4,004 a month, for a home health aide to assist them with their activities of daily living (ADLs). In most states, there is greater demand for in-home care but home health care agencies have limited personnel and thus explaining the very high cost for this kind of LTC setting. You Can Afford Anything with a California Long Term Care Partnership Policy Even though LTC costs in California increase fivefold or perhaps sixfold you are capable of receiving the quality of care that you deserve if you plan for it early on in your life. If you are like many others who are scared of investing their hard earned money in a standard long term care insurance (LTCI) policy for fear that you might not be able to maintain your annual premium, you can opt for a policy which complies with the rules and regulations of California’s Partnership LTCI Program. Buying a Partnership qualified LTCI policy will ensure Medicaid asset protection so if you end up needing ongoing care after having used up your benefits, you can apply for Medicaid eligibility without spending down the amount of your assets which is equivalent to the amount of benefits you have received from your policy. Contrary to misconceptions, California long term care partnership plans do not cost higher than other types of LTCI policies but there are certain requirements that one has to meet before he or she can qualify for such coverage. Consult a licensed LTCI agent in your area to discuss it.