More and more people are beginning to recognize that long-term care insurance in states that have a long-term care partnership program is really a good deal. It also allows the greatest freedom of choice for the quality of care received and the setting that is most desirable.

Here is an article from the Jackson Sun about long-term care partnership plans in Tennessee:

“”If they can afford it and are insurable, I try to steer my clients toward long-term care insurance,” said attorney Nancy Choate. Estate planning is among her specialties.

“The new long-term care insurance partnership act in Tennessee is a wonderful thing,” she said. “The client can buy insurance in the amount of the assets they have, and they don’t have to give those assets away.”

When determining eligibility for Medicaid, if benefits under a Partnership Program policy do not sufficiently cover the cost of care, the state will disregard the policy holder’s assets up to the amount of payments made by the long-term care insurance policy.

So if the insurance policy pays $200,000 for care, that’s $200,000 in assets the state will not count when determining a person’s Medicaid eligibility.

“To me that’s the best way to do it,” Choate said. “It gives the client a lot more options as to the type of care they can receive.”"

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