Connecticut has developed the first program of its kind in the country called the Connecticut partnership for Long-Term Care. This program is a joint effort by State government and the private insurance industry to create an option to help you plan to meet your future long-term care needs without depleting your assets.
Endorsed by the State
Partnership policies carry a special endorsement from the State for meeting additional consumer protection standards. These standards include many consumer safety features that provide assurance you are purchasing a quality product.
Risk of Needing Care is High
According to the Federal Government, about 70 percent of people over age 65 will require some long-term care services during their lives. And, contrary to what many people believe, Medicare and private health insurance programs do not pay for the majority of long-term care services.1
Care is Expensive
The statewide average cost for a private room in a Connecticut nursing facility averages $381/day or more than $138,000 per year. Home Care can be just as expensive, depending on the frequency and type of services required. The average nursing facility stay in Connecticut is 2 1/2 years, or over $345,000.2
Medicaid Asset Protection
Partnership policies allow you to protect assets equal to what your policy pays out in benefits. If you’re interested in exploring a Partnership Plan, the State of Connecticut publishes a booklet titled “Before You Buy: The Connecticut Partnership for Long-Term Care.” To receive a free copy of this booklet simply return the attached reply card.
If you are interested in exploring a Partnership Plan, we can help. Contact us and we’ll be glad to send you the ‘Before You Buy” booklet.
1 www.longtermcare.gov; as of September 4, 2014
2 Connecticut LTC Partnership Frequently Asked Questions; CT Office of Policy & Management, April 2013
Phone: (203) 939-7765