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New Long Term Care Partnership states announced for EssentialLTC
Utilizing LTCi in partnership with states helps consumers protect assets and create affordable plans
Long Term Care Partnership states allow individuals, who purchase a qualified LTCi policy, to protect a portion of their assets that they would typically need to spend down prior to qualifying for Medicaid coverage.
For example, in most Long Term Care Partnership states, if a person's Long Term Care insurance policy pays $300,000 of benefits, they may be able to protect $300,000 of their assets from Medicaid spend down.
EssentialLTC offers a wide range of both affordable benefits and asset protection through flexible options, including joint policy pricing, lifetime benefits, shorter premium payment durations, return of premiums, 1035 exchange eligibility, and other tax advantages.
"People who prudently plan to protect their loved ones from the devastation of an extended care event should have the choice of comprehensive and affordable coverage. Partnership coverage can be added to traditional LTCi plans. This can help to incentivize individuals to plan for long term care and have the asset protection of the partnership if their LTCi plan's benefits are outlived," said Marc Glickman, Actuary and Chief Sales Officer at LifeCare Assurance, administrator for EssentialLTC.
Current partnership states are: Alabama, Arizona, Arkansas, Colorado, Delaware, Florida, Louisiana, Nebraska, New Jersey, North Dakota, South Dakota, Tennessee and Wyoming.
"We continue to work closely with state regulators and look forward to announcing additional partnership states and new product features in the coming months," said Dennis Vann, NGL Specialty Insurance Markets National Sales Vice President.
EssentialLTC is currently available in all states excluding California, Hawaii, Montana and New York. For more information, visit: www.NGL-EssentialLTC.com.
About LifeCare Assurance Company
LifeCare has developed, launched and administered long term care insurance products for three decades. LifeCare has not only pioneered several product design features that are now widely used in the industry but has also successfully launched over 30 products for over a dozen companies. Additional information about LifeCare can be found at www.lifecareassurance.com.
Since 1910, National Guardian Life Insurance Company (https://www.nglic.com/
National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America a/k/a The Guardian or Guardian Life.