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Long Term Care Insurance Montana

Medicare Supplemental & Long Term Care Insurance

Updated on Jun 20, 2013

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It’s no secret that prices for long term care services in Montana are skyrocketing. Based on Montana long term care insurance information, residents in the state are aging faster than the rest of the country’s population. Right now residents who are 65 years old and above make up 15.2 percent of the total 1,005,141 population of the state in 2012 compared to 12.1 percent of all other states.

These figures show why long term care insurance Montana is definitely a concern for most residents. More elderly people will need some type of long term care during their lifetime and finding cheaper alternatives on how to pay for the costs of this type of care is essential for every one looking to have a stable retirement plan.

A New Alternative: Montana Partnership for Long Term Care
As a way of helping Montana residents in their search for more affordable long term care insurance policies, the state government initiated the Montana Partnership for Long Term Care Program. Through this program, which is in cooperation with private insurance companies, the state government hopes to encourage the public to buy insurance for long term care by offering lower rates on premiums and a Medicaid asset protection incentive for policyholders.

Through this asset protection, it would be easier for residents of Montana to apply for Medicaid benefits if they end up using all the benefits of their partnership policy. The policyholder can get to keep more of their savings and assets ans still receive assistance form Medicaid.

In regular circumstances, a person wouldn’t be able to qualify for Medicaid unless he or she meets the income requirement of the program. Though different states have their own rules and eligibility requirements for their Medicaid programs, the average income level allowable is not more than $2,000 in total assets and savings.
In a partnership plan, the insured can keep the same amount of his money equal to the total amount of paid benefits by his partnership plan. Medicaid will exempt that amount and the insured can keep it and use it the way he wants to. That could literally be thousands of dollars in savings and assets that he could keep while receiving Medicaid benefits.

Other great features of the partnership program is that it also offers coverage for in-home care and a reciprocity feature. This reciprocity feature allows the insured to use his policy even if he decides to transfer or move into a new state.
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