Not all Kentucky residents might be able to avail a Kentucky long term care plan even if they want to because the LTC costs in this state is quite higher and more expensive when compared to the other costs offered and available in the other states.
But actually, the costs must not be the main reason for them not to buy an insurance policy that could help them pay for a number or all of their LTC needs in the future. As a matter of fact, LTC insurance policies are so beneficial that people should prioritize availing it, no matter what.
Due to the fact that the population or number of uninsured individuals are still higher than what the government is expecting, it continues to promote other programs or alternatives to the public so that they can still have other options to have when choosing their future LTC insurance plan, and on of the most popular LTC types that they endorse and support is the Partnership program.
This particular program aims to convince and encourage the other citizens who still do not own an insurance plan to finally avail one of their own by giving them cheaper and more budget-friendly monthly premiums than the other policy types available. It is a joint project of the government and some private insurance companies in the state of Kentucky.
As of the moment, the Kentucky long term care is one of the states that offer LTC facilities above $ 70,000 a year. A private room in a nursing home in this state would require an individual to pay for as much as $ 75,000 yearly while a single occupancy bedroom might cost at around $ 36,000 to $ 37,000 a year.
These figures may still rise due to the incessant increase in the LTC costs in the country and in the next three years or so, the public will find it even more expensive because of the additional rate increase of not less than 8% annually.
By availing a Kentucky Partnership policy now, the individual will be charged monthly premiums that are based on the current costs and rates that are being offered now, and definitely this type of LTC insurance is still lower than the other types available.
Also, the public must not be worried regarding the quality and quantity of services and facilities that they can get from their Partnership plans because even though it is cheaper, the cost does not affect the benefits that it provides.
In fact, it offers two more extra features that are exclusively offered to Partnership policy owners only. These additional features definitely help the insured individual maximize all the given and other possible perks and advantages that he can get from his insurance policy.
Partnership policies should also and must still have all the other mandatory LTC features required in order to make full use of all the benefits and to be able to consider that the policy is legitimate and entitled to receive benefits.
To know more about Kentucky long term care and its Partnership program, contact your preferred insurance agent or insurance provider now for them to be able to discus and explain it to you further.
Leona Hughes explores effective financial planning tips particularly on long term care. She shares the best techniques in choosing and purchasing long term care plan. Visit her long term care blog.
Orignal From: Kentucky Long Term Care and Its Partnership Program
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