Ohio's Partnership Program for Long-Term Care

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Ohio's Partnership Program for Long-Term Care

Written by Randy Gallas, Long Term Care Insurance Agency, LLC

longtermcare

A Quote from Governor Strickland's Letter, May 2008

"The cost of long-term care is very high and many people mistakenly believe Medicare will cover the costs. However, Medicare does not pay for long-term care. If we do not plan ahead, covering the cost of these services can be a major burden for us and our families...by creating a plan for your future, you can control how and where your long-term care needs will be met and help prevent a crisis for you and your family."

In May 2008, Governor Strickland sent a letter to over 1.6 million Ohio residents aged 45 to 65 outlining the need to plan ahead for long-term care services. For more information on Governor Strickland's "Own Your Future" Partnership Program you can go to www.LTC4me.ohio.gov.

A Long-Term Care Statistic

Today, 10 million people in America need this type of personal care every day. The baby boomers are witnessing the emotional /financial burden placed on families when a major long term crisis occurs. The costs are staggering. Family dreams and goals are often put on hold because a long term care event can strike without warning.

The State of Ohio's Rescue Plan for Long-Term Care

Ohio is one of 35 states participating in a Long-Term Care Insurance Program which is authorized by federal legislation as outlined in the Deficit Reduction Act effective February 8, 2006, allowing all 50 states to participate in a partnership program.

This unique partnership plan provides asset protection to Ohio qualified plan policyholders. It is a partnership between the public sector (Ohio government) and the private sector (long-term care companies.)

Purpose of the Program

To provide Ohioans, commonly known as Buckeyes, to stay in financial control of their assets and their care choices by having a private long-term care insurance policy in force.

How it works

You purchase a long-term care insurance policy that meets the criteria outlined by Governor Strickland and the Department of Insurance. Should the benefits paid out for your care exhaust your plan limits, you may be able to qualify for Medicaid while retaining more assets than would otherwise be allowed under Ohio's Medicaid eligibility requirements. Assets are protected equal to the amount of benefits paid out by your insurance plan. The Ohio Partnership Plan follows a dollar for dollar rule.

How do I qualify?

It's easy. (1) Be an Ohio resident, (2) purchase a long-term care policy that meets the requirements of a federally tax qualified long-term care insurance plan...i.e. 99% of all policies sold today are tax qualified, and (3) include inflation protection.

How do I purchase a partnership plan?

You can purchase a qualified partnership policy through a licensed insurance agent that has accomplished all the continuing education requirements for long term care and is certified by the State of Ohio. Working with a long-term care specialist who is familiar with the Ohio partnership program is always in your best interest. The specialist is very knowledgeable on the Medicare and Medicaid rules as they apply to Ohio.

What is the cost of a partnership policy?

There are no additional costs to own a partnership policy. Each insurance company offering partnership policies determines its premiums based on age and health. So the younger you are, the lower your premiums will be and the greater the discounts will be offered.

Suggested Action Plan

Start with gathering facts on how long-term care insurance and the Ohio Partnership Program can enhance your future; protect your family, as well as your retirement income and assets.

Your family deserves the best when it comes to quality of lifestyle. Protect your lifestyle by calling a long term care specialist today and let them decide whether long-term care insurance is right for you and your family.

Always look for an independent agency that can compare the top rated long-term care companies in America to serve you with an affordable plan. One final thought from Governor Strickland...remember, it's "Your Choice...Your Future."

Upcoming Member Events

Member Meeting
Tuesday, February 07, 2012
8:00am - 9:30am
Christopher's Restaurant, Kettering (Map)

Integrity: Like Money in the Bank
Wednesday, February 08, 2012
11:30am - 1:00pm
Dayton Metro Library, 215 E. 3rd St., Dayton (Map)

Seminar- Eclipse Integrity Awards Nomination
Thursday, February 09, 2012
7:30am - 9:00am
Sinclair Conference Center, 444 W. Third St., Rm. 12-127 (Map)

Member Meeting
Tuesday, February 21, 2012
8:00am - 9:30am
Christopher's Restaurant, Kettering (Map)

BBB Networking Event
Tuesday, February 28, 2012
5:00pm - 7:00pm
Dayton Crayons to Classrooms, 1511 Kuntz Rd., Dayton (Map)

Member Meeting
Tuesday, March 06, 2012
8:00am - 9:30am
Christopher's Restaurant, Kettering (Map)