How Much Do you pay monthly for your State Partnership LTC Program? (55, 2013)
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In 2013, a 55 year old couple would pay $513 a month each for 438K worth of coverage here in Calif.
in our 60s + inflation. I assume it would be closer to $700-$900 a month each.
If you could include your age, state & monthly cost, it would be appreciated.
We have a state partnership plan so big difference in benefits and perks from just a lic policy .
We pay 8k a year for two of us and we get a 1600.00 dollar rebate as tax credit .... we have 3 years snf coverage or 6 years in home ... but the best part comes after the insurance is up ...
We have 100% asset protection with no look back no spend down and no spousal income cap ...Medicaid will just take over the bills as part of our partnership agreement .
Had we taken it younger it would have been cheaper ..we took it at 62 and I got surcharged 1k a year for some pre diabetic blood tests on record..
With just conventional ltc plans once the insurance runs out you are on your own and assets are not protected ....
This policy was issued before the state partnership program. One small increase since inception. Pays 200 a day for 3 years. Benefit goes up by 5% per year. Premium 1130 per year. From Prudential.
In 2013, a 55 year old couple would pay $513 a month each for 438K worth of coverage here in Calif.
in our 60s + inflation. I assume it would be closer to $700-$900 a month each.
If you could include your age, state & monthly cost, it would be appreciated.
1. You won't know for sure until you ask for a quote. Be prepared to resist the "God forbids" if the cost/ benefit ratio doesn't really make sense.
2. Examine carefully the partnership benefits. For example, my state offers considerably less protection than, for example, New York.
3. Can't give you a comparison, because personally I'm not buying.
new york is one of only two states that offer 100% asset protection ... all other partnership plans are dollar for a dollar .. dollar for dollar means if medicaid pays out 250k as an example then 250k is protected ...
i would not have bought a conventional plan just for 3 years coverage if it was not for all the perks after the insurance ran out .
Michigan's Partnership Plan is not nearly as robust as New York's. The invoices arrived last week so I still remember the amounts. We pay approximately $1800 per year for each of us or $3600 annual total, so about $150 per month per person for us.
I don't remember the daily benefit payable or length of coverage.
do you get an inflation adder yearly regardless of the cpi ? we get 5% a year increase since these kind of expenses run higher then the general cpi
Yes, an inflation adjuster is included. The adjuster is higher than the CPI for the reason you mentioned. We bought this policy 10-12 years ago to try and hit the sweet spot between a lower annual premium for more years when buying younger, versus a higher annual premium for fewer years when buying later in life.
To answer the OP's additional questions: State is Michigan; we have a Partnership Plan in MI; our current ages are 63 & 60; our ages at time of purchase were approximately 51 and 48; the policy 'resets' every 3-4 years which means we have to select between maintaining coverage amounts with a higher premium to compensate for care cost increases higher than the escalation amount, or maintain the current annual premium with lower future daily care cost limit; the under-writer is John Hancock.
Last edited by MI-Roger; 05-13-2019 at 07:11 AM..
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