Florida Long-Term Care Partnership policies are available. This Florida insurance program joins private long-term care insurance with Medicaid asset protection. The goal of the Florida Long-Term Care Partnership is to encourage long-term care planning. By planning ahead you can protect yourself from the financial risk of needing nursing facility, assisted living care or home health care.
Special asset protection benefits of Florida Long-Term Care Partnership policies allow you to keep all or part of your assets under the Florida Medicaid program. This unique benefit applies when your long-term care needs last longer than the benefits of your Partnership policy.
The average cost of a Florida Long-Term Care Partnership policy is like a regular (non-partnership) policy. However, we still compare Florida Long-Term Care Insurance Partnership policies with non-partnership policies for you. This can uncover alternatives better suited to your needs. For example, hybrid long-term care insurance policies are not available under the Florida Long-Term Care Partnership Program, but they are chosen by about half of policy holders.
Florida LTC Partnership Reciprocity
The term reciprocity applies if you buy a qualifying Long-Term Care Partnership policy in another state and later move to Florida. Reciprocity allows you to keep the special asset protection when you move to Florida. The State of Florida would also recognize accumulated asset protection for Medicaid qualification if you’re receiving benefits from your Partnership policy before moving to Florida.