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Top 6 Most FAQS - California Partnership for Long Term Care - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group
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Top 6 Most FAQS - California Partnership for Long Term Care - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group

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Top 6 Most FAQS - California Partnership for Long Term Care …

Top 6 Most FAQS - California Partnership for Long Term Care

Skloff Financial Group
http://www.skloff.com/services-ltci.htm

Published in: Economy & Finance, Business

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  • 1. California Partnership for LongTerm Care – Top 6 Most FAQs www.skloff.com
  • 2. California Partnership for Long Term Care - Top 6 Most FAQsQuestion 1. Will my California Partnership for Long Term Care (CAPLTC)policy pay for long term care inside and outside of California?Answer 1. Yes. CAPLTC policies will pay for long term care both insideand outside of California. www.skloff.com
  • 3. California Partnership for Long Term Care - Top 6 Most FAQsQuestions 2. After using up my CAPLTC policy’s benefits, will Medi-Calpay for my LTC in another state?Answer 2. No. You must be a California resident to purchase and receiveMedi-Cal benefits. But, you can buy a CAPLTC policy, move to Arizona orany other state, use up your policy’s benefits over a number of years inArizona or any another state, then return to California to receive a lifetimeof long term care paid by Medi-Cal – while protecting the same amountof your assets as your CAPLTC policy paid in benefits. www.skloff.com
  • 4. California Partnership for Long Term Care - Top 6 Most FAQsQuestion 3. Which of my assets are not protected under the CaliforniaPartnership for Long Term Care?Answer 3. None. Assets equal to the benefits paid by your CAPLTCpolicy are protected away from Medi-Cal. This includes your cash, savingsaccounts, investments accounts, 529s, homes, art collections and inheritances. www.skloff.com
  • 5. California Partnership for Long Term Care - Top 6 Most FAQsQuestion 4. Are my assets protected outside of California?Answer 4. Yes. Assets equal to the benefits paid by your CAPLTC areprotected both inside and outside of California. For example; this includesyour condominium in New York, NY, house in Santa Barbara, CA andvacation homes in Naples, FL, Maui, HI and San Diego, CA. www.skloff.com
  • 6. California Partnership for Long Term Care - Top 6 Most FAQsQuestion 5. What key benefits must be included in a CAPLTC policy versusa non-NYSPLTC policy?Answer 5. A CAPLTC insurance policy must cover your long term care costsin a nursing home and your own home versus many policies that only covercare in a facility (e.g.: only a nursing home). CAPLTC policies must provideminimum daily benefits of $160 per day in 2010. www.skloff.com
  • 7. California Partnership for Long Term Care - Top 6 Most FAQsQuestion 6. Are there any risks if I delay purchasing a CAPLTC policy?Answer 6. Yes. The Average Daily Private Pay Rate (ADPPR) for nursingfacility care in California has been rising 5% annually. For example, the pricerose from $220 in the year 2009 to $230 for the year 2010.This caused the required minimum daily benefit (70% of the ADPPR) forCAPLTC policies to increase from $150 in 2009 to $160 in 2010. If thistrend continues, polices will require 5% greater benefits each year anddelaying your purchase will mean buying 5% greater coverage each year.Insurers increase pricing on new policies for older applicants, reflecting thehigher probability that you will need long term care sooner. Thecombination of these two factors can add greatly to the cost of a policy.(continued on next slide) www.skloff.com
  • 8. California Partnership for Long Term Care - Top 6 Most FAQsQuestion 6. Are there any risks if I delay purchasing a CAPLTC policy?Answer 6. Yes. Independent of your birthday and/or 5% greater benefitsrequirements, insurance companies can (and often do) raise rates for newapplicants, subject to approval from the California Department of Insurance.Lastly, your health is likely to deteriorate over time, placing you in ahigher price health class or entirely disqualifying you from purchasinglong term care insurance. www.skloff.com
  • 9. Free Long Term Care Insurance Quoteswww.skloff.com/services-ltci.htm www.skloff.com