Paying for Long
Term Care
how much can be paid out each day. There
may also be a limit of a specified number of
days to be covered.
• Florida LTC Partnership Program: To
encourage individuals to purchase private
long-term care insurance, the State of
Florida has developed a partnership program
between Medicaid and private insurers.
Florida Long-Term Care Partnership Program
policies are tax qualified, provide inflation
protection and provide dollar for dollar asset
protection in the event you need to pay for
long-term care Medicaid assistance.
Life Insurance:
Certain life insurance policies can
be converted into long-term care Benefit
Plan Account to pay for long-term care. In
converting the policy, ownership of the policy
transfers to an entity that acts as a benefits
administrator and assumes all responsibility for
premium payments. To convert, the previous
policy holder must have an immediate need
for long-term care, and he or she arranges
monthly payouts to help cover services.
Payouts are made directly to the care provider,
not the previous policy owner. Contact your
insurance agent to see if your policy is eligible
for conversion.
Reverse Mortgage
A reverse mortgage is a loan program
available to homeowners, 62 years or older,
that allows them to convert part of the
equity in their homes into cash. The reverse
Got Medicare?. . .Got Questions?
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Stacey Owen
863-541-9648
863-838-5927
74 www.PolkElderCare.com
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