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Investing/Strategies / Retirement Investing
|Subject: Re: Big Problems wth LongTermCare Insurance||Date: 7/12/2013 9:27 AM|
|Author: Hawkwin||Number: 72576 of 75383|
"Under certain limited conditions, Medicare will pay some nursing home costs for Medicare beneficiaries who require skilled nursing or rehabilitation services. To be covered, you must receive the services from a Medicare certified skilled nursing home after a qualifying (3-day) hospital stay."
Thank you for this clarification.
Again, wrong. In this cae, the MAXIMUM that would be protected is $547K, because that's the most the policy will pay. Everything above that is on your dime.
Then the policy you are looking at is not a fully covered partnership policy. That does not make me wrong, that makes your policy wrong. I stated that it could be unlimited. Partnership policies can be unlimited.
•1. Dollar-for-dollar Asset Protection - For every $1 of insurance benefits paid by a Partnership policy, a minimum of $1 worth of asset is protected. A chart showing effective date of policies with their corresponding State-set dollar amount is used to determine whether the policy you purchased has this type of asset protection.If the maximum benefit of your policy is less than the corresponding State-set dollar amount based on your policy's effective date, you may earn Dollar-for-dollar Asset Protection.
•2. Total Asset Protection - All assets will not be considered in determining Medicaid eligibility. Again, using the chart, if the maximum benefit of your policy is equal or greater than the corresponding State-set dollar amount based on your policy's effective date, you may earn Total Asset Protection. Policies that do not qualify for this type of asset protection will automatically earn dollar-for-dollar asset protection.
Check with your state and see if that policy qualifies for Total Asset Protection.
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