Due to the fact that LTC policies are often taken for granted by some local residents because of its expensive monthly rates, the state of Florida has implemented the Florida long term care partnership program with hopes that it will boost the number of insured residents in their locality.
Over the years, the number of LTC-insured Americans has a low turnout mainly because some are not interested or are not convinced enough of the various benefits that they can get by owning an LTC insurance plan. Aware of the possibilities that the public might face in just a short period of time, the government has developed a strategy and program to encourage more citizens to reconsider buying their own LTC plans.
As mandated by the Deficit Reduction Act of 2005 (DRA), all states were tasked to come up and adapt an LTC program that would cater and fit to the financial capabilities of its residents in order to satisfy their LTC needs.
Aside from this, the program also aims to reduce the Medicaid dependability of the United States citizens when it comes to their LTC needs because to date, over a billion dollars are spent annually just to shoulder the LTC-related assistance that Medicaid pays for.
What is the LTC Partnership Program of Florida?
Although it has been existing since the ’80’s, the Partnership program has taken its full potential when the government had finally realized the possible scenarios that might happen should the people take for granted the importance of such insurance policies.
The Florida long term care partnership program was made possible by the joint effort of the government and some private insurance providers that offer LTC plans in the state. Together, they present a much affordable and consumer-friendly rates and premiums to the local residents of Florida.