South Carolina, like every state, is dealing with the greying of the population. Long Term Health Care is an issue. Most people are not prepared and have not planned despite the odds and the ability to use Partnership LTC policies to protect assets.
Most states have partnership programs available which provide dollar for dollar asset protection if you have a traditional qualified long term care policy. The Long-Term Care Partnership Program is a collaboration between state government and insurance companies.
Under this partnership, applicants who purchase qualifying long-term care insurance policies can access Medicaid coverage while retaining assets they would normally be required to spend on their long-term care. This is referred to as dollar for dollar asset protection. Read the article and then act … discover how affordable Long Term Care Insurance can be a key to your retirement plan. —
“South Carolina has seen and will continue to see unprecedented growth in the number of older adults in our population, with increased health, social and daily living needs. We are not nearly ready to meet them,” says University of South Carolina Professor Anna Scheyett in a guest column in “The State” newspaper.
The South Carolina Institute for Medicine and Public Health convened a task force on Long Term Care which Scheyett was part of. They examined these issues and made actionable recommendations. The task force was comprised of more than 60 health-care providers, advocates and researchers.
The report, published by the South Carolina lnstitute of Medicine & Public Health in June, 2015, said individuals of all ages can find themselves in need of Long Term Health Care due to limitations caused by physical, cognitive or chronic health conditions.
“Older adults, though, are more likely than most to need such services due to the limiting effects of aging. In fact, an estimated 70% of those over 65 will need Long Term Health Care in their lifetime. In 2014, an estimated 734,537 South Carolinians were age 65 and older, a number that is set to grow dramatically with the rise of the Baby Boom generation. By 2029, when the youngest Baby Boomers reach age 65, it is expected that our state’s population of older adults will exceed 1.1 million, resulting in 1 in 5 South Carolinians being over the age of 65,” the report stated.
Read full article here: http://longtermcareplanningnews.com/article?article=136
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