Page 66 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

48 Growing Old Without a Plan for Long Term Care is not for Sissies If my policy is not Indiana Partnership approved can it be upgraded? That depends on the company you purchased the plan from. If they do not offer Indiana Partnership plans then the answer is no. If they do offer Indiana Partnership plans, you may still have to apply for a new policy to get an Indiana Partnership policy. Cau- tion: Generally the best policy is the one you already own. Don’t replace a Long Term Care Insurance policy unless you are sure the additional benefts justify the change. You may instead want to purchase an additional policy. I want a long term care policy but do I need it to be Indiana Partnership approved? That’s really up to you and depends on your personal prefer- ences and fnancial situation. For example, if you know beyond any doubt that you will never need to rely on Medicaid for your long term care, then you could justifably make a decision to purchase a plan that does not qualify for the Indiana Partnership if that plan has other benefts that you value. What’s in it for the state of Indiana? Do they get paid by the insurance companies? Nope, no under the table kickbacks are involved. The state of Indiana gains because you have made a responsible choice to fund your long term care using a Long Term Care Insurance policy instead of planning to rely on Medicaid. They are willing to allow you to protect your assets from Medicaid spend down requirements because with a Long Term Care Insurance policy in place you are much less likely to need to use Medicaid. Disclaimer: This information is general in nature and applies to Indiana residents. Total asset protection is not available in most