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First question can you live anywhere but move back to the partnership state when the need happens?
In my case sure I'd be moving back to where I worked and lived when I got the policy -- but moving away from all family and support. So I ask myself in my case, what kind of sense does that make?
I thought earlier posts stated that the Partnership plan just doubled the time that you bought. What you are saying now is pretty much a LIFETIME plan. That's really good!
You must have had to buy a minimum amount or term. AND there must be some eventual claim on assets.
Can you elaborate on this more? And the costs.
If you can buy a lifetime "acting" policy by buying a three year plan I would think people should be jumping to buy these before things change.
First question can you live anywhere but move back to the partnership state when the need happens?
the ny partnership plan requires that you specifically buy a ny partnership plan not just a ltc policy .
you have two choices in plans . total asset or dollar for a dollar .
total asset means no assets are looked at , ever . anything you own is exempt from Medicaid if you need Medicaid after the 3 years insurance runs out.
dollar for dollar is cheaper. that means if Medicaid pays 500k out than 500k in assets is exempt from being touched .
I have total asset protection .
as long as the private home I pay for with insurance will eventually take Medicaid then Medicaid picks up the bill after the insurance .
no assets are ever touched or count with total asset protection .
income is protected too. typically the stay at home spouse is limited to 2990.00 a month on Medicaid . we have no limitation .
if we leave ny the plan pays the 350 a day increased by 5% a year but the assets are not totally protected and my plan reverts to a dollar for a dollar plan in any other state . you can live elsewhere . all that matters is you use the plan in state if you want total asset protection .
my wife is 66 she is 3500 a year , I'm 64 and with my surcharge pay 4500 a year . as a couple nys gives us a 1600.00 tax credit so that REDUCES THE COST RIGHT OFF THE BAT BY 1600.0 .
we also get to write some off with our other medical off the federal .
the Medicaid used for these plans is called extended Medicaid and that is why assets can be protected . it has different rules and guidelines and was designed to work with the plans . the actual policy is written by gensworth on behalf of ny state
Life will sometimes take that choice away from you. My FIL definitely didn't want to end up in a LTC facility, a handgun being his tool of choice. A series of strokes took away that choice. He ended up spending 3 months in a SNF before passing away.
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There are good reasons for emotions and anecdote to be involved in this kind of decision. In our case, an family member that went into assisted living at age 82 lasted there for 13 years, dying at age 95. While we paid the first few months and then got her onto Medicaid through our state, the amount of work involved in that process, both initially and then annually
was brutal. She qualified easily, with only social security of about $700/month and no other assets or income, but the paperwork and visits to banks, insurance companies, finding old records and the rest was almost like a full time job for several months. After that, one thinks about not handing that same burden to their spouse or children. Like whole life insurance, LTCi is a lot less expensive if you start at a young age. Also, like life, people buy it based on current conditions, but it must be reviewed and updated periodically as expenses and costs change.
In my state, if you have no car insurance. And get caught.
The fine is huge, they take away your car and you get jail time.
Our net worth is where we don't need it. I have a Life insurance policy with a LTC rider. Benefits increases 5% per year. Since we can afford it why not? They can't get rid of me nor can they increase what I pay yearly.
I will have to live to be 98 years old to pay in as much as my policy is worth. That is almost 40 years.
So I live to be 105, I'm not going to cry about paying in more. Peace of mind to me is worth more than money.
I past the medical, my husband didn't. So in order for us to continue this great life of no financial worries, I wanted some kind of LTC.
I can also stay in my home and it'll pay for people to come care for me there.
My grandmother was in a medicaid home. They smell like a crapper for a reason. Every diaper they use costs money, so they make you sit in your own mess for several hours. Care was so bad there, I think it quickened her death. She was there 2 weeks and wasn't that bad when she went in. This was 1972, imagine how bad they are now. Why would anyone even think medicaid is an option.
Last edited by foundapeanut; 10-19-2016 at 02:24 PM..
Reason: add
We don't have this because it is too expensive. We don't feel we can afford it.
Some people who bought it early enough in their lives, might have good benefits now, but I think the costs have gone up, and sometimes companies go out of business.
the ny partnership plan requires that you specifically buy a ny partnership plan not just a ltc policy .
you have two choices in plans . total asset or dollar for a dollar .
total asset means no assets are looked at , ever . anything you own is exempt from Medicaid if you need Medicaid after the 3 years insurance runs out.
dollar for dollar is cheaper. that means if Medicaid pays 500k out than 500k in assets is exempt from being touched .
I have total asset protection .
as long as the private home I pay for with insurance will eventually take Medicaid then Medicaid picks up the bill after the insurance .
no assets are ever touched or count with total asset protection .
income is protected too. typically the stay at home spouse is limited to 2990.00 a month on Medicaid . we have no limitation .
if we leave ny the plan pays the 350 a day increased by 5% a year but the assets are not totally protected and my plan reverts to a dollar for a dollar plan in any other state . you can live elsewhere . all that matters is you use the plan in state if you want total asset protection .
my wife is 66 she is 3500 a year , I'm 64 and with my surcharge pay 4500 a year . as a couple nys gives us a 1600.00 tax credit so that REDUCES THE COST RIGHT OFF THE BAT BY 1600.0 .
we also get to write some off with our other medical off the federal .
the Medicaid used for these plans is called extended Medicaid and that is why assets can be protected . it has different rules and guidelines and was designed to work with the plans . the actual policy is written by gensworth on behalf of ny state
OK so it is portable but you lose some benefit if you use it in another state. But you CAN live somewhere else but would have to move back to NY to fully utilize it. Sounds pretty good.
Protects the spouse and for the single protects his assets that he CAN SPEND on better care in the facility. And anyone that thinks having an extra hundred a day is not going to have a HUGE impact on their care is crazy.
We don't have this because it is too expensive. We don't feel we can afford it.
Some people who bought it early enough in their lives, might have good benefits now, but I think the costs have gone up, and sometimes companies go out of business.
That's why I'm not interested at all in hearing people expound on their cheap rates without them having any experience at all in attempting to make a claim. They have no idea what will end up being covered...and policies seem much more expensive without paying as much as they did even a few years ago. Oh - more reason to jump on the bandwagon now....I'm just not sure.
I don't care about paying but then not needing it...I worry about paying, and paying, and paying...and then finding out that when I need to use it that there are some major exclusions that were not even thought about the 20 years prior when I bought the policy.
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