LTC Partnership Programs

[supersupps]

I;ve been reading a bit about the state partnership programs. Does anyone sell these? are they solid and worthwhile? it seems the only adv is to pass money to heirs? how are the premiums compared to traditional ltc?

 

[Newby]

I;ve been reading a bit about the state partnership programs. Does anyone sell these? are they solid and worthwhile? it seems the only adv is to pass money to heirs? how are the premiums compared to traditional ltc?

There is no extra charge for partnership. The policy just has to meet minimal requirements.

 

[xrac]

The inflation clause required on Indiana partnership policies makes them quite a bit more pricey.

 

[supersupps]

I was hoping that bec they were geared to lower income, that the premiums would be cheaper.. too bad.
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What would be an adv to reach low to mid income for ltc? they dont have no dinero? is this a market? % of ltc tht is partnership?

 

[Newby]

The inflation clause required on Indiana partnership policies makes them quite a bit more pricey.

The partnership feature does not add any cost at all. People were buying inflation protected LTC before the partnership even existed. A stripped down LTC policy is of little value unless you are at a very advanced age when you buy it.

In Indiana the partnership feature gives UNLIMITED protection. This is great for the very wealthy. Their policy may only cover $400,000 but their assets are protected for millions of dollars. That's a huge plus to get for no cost.
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I was hoping that bec they were geared to lower income, that the premiums would be cheaper.. too bad.
- - - - - - - - - - - - - - - - - -
What would be an adv to reach low to mid income for ltc? they dont have no dinero? is this a market? % of ltc tht is partnership?

No decent LTC product is geared toward lower income people. If they can't afford the inflation protection features and accept possible rate increases in the future, they shouldn't buy the policy to start with.

 

[Mr_Ed]

I was hoping that bec they were geared to lower income, that the premiums would be cheaper.. too bad.
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What would be an adv to reach low to mid income for ltc? they dont have no dinero? is this a market? % of ltc tht is partnership?

In CA one of the cheaper LTCi products 2 of the CA Partnership policies.

In fact, you can get 5% compound from those two policies for about what other companies are charging for a 3% compound.

But you're wasting your time targeting low income people for LTC insurance.

If they can qualify for Medi-Cal they don't need long-term care insurance.

And, it's easier to qualify for Medi-Cal for nursing home care then it is to qualify for Medi-Cal for medical care.

Take the 1-day classroom course on the California Partnership, it's 8 CE credits... you'll learn a lot.

 

[CALTCAgent]

In Indiana the partnership feature gives UNLIMITED protection. This is great for the very wealthy. Their policy may only cover $400,000 but their assets are protected for millions of dollars. That's a huge plus to get for no cost.

In Indiana they give more than dollar for dollar protection?

 

[Mr_Ed]

In Indiana they give more than dollar for dollar protection?

yes.

indiana and New York offer both "dollar for dollar asset protection" and "total asset protection".