Arkansas Long-Term Care Partnership To Protect The Assets

LITTLE ROCK—Governor Mike Beebe today announced the Arkansas Long-Term Care Partnership, which brings together private insurance and Medicaid to protect the assets of middle-income individuals as they enter their senior years or face long-term-care decisions. The Partnership is a joint program of Arkansas Medicaid, the Arkansas Insurance Department, and private insurance companies and begins next week.

"I promised, that as Governor, I would address the complicated long-term-care issues our aging population faces. A new remedy to help Arkansans preserve what they've earned will become reality July 1," Governor Beebe said.

Individuals who purchase Long-Term Care Partnership policies will be able to protect their assets, including savings, family-owned businesses, or farms, for as much as the amount of the purchased policy while still being able to apply for Medicaid. For example, if a policy pays out $50,000 in benefits, a policy holder will be entitled to secure $50,000 of personal assets and still qualify for Medicaid. The partnership will make it possible for Arkansans not to have to "spend down" their money by giving up property or selling off a business that has been in the family for years. Long-term-care policies tend to cover a wider range of services than typical health-insurance policies. These additional covered services include home health, assisted living, hospice, nursing care, physical and speech therapy, homemaker services and chore services. The cost of all of these services is steadily increasing. The program rewards those who plan further in advance for their long-term-care needs in their senior years. The legislation of the Arkansas Long-Term Care Partnership was sponsored by Representatives Sandra Prater and Will Bond. With this partnership, Arkansas will join nine other states in the Center for Health Care Strategies' Long-Term Care Partnership Expansion Project.

Since coming into office, Governor Beebe has promised to expand on the coverage of the uninsured and build on Medicaid with programs such as AR Senior. To find out more about the Long-Term Care Partnership and view a list of insurance companies currently licensed to sell Partnership policies, visit ltcp.arkansas.gov.

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News & Politics

Tags:

• Insurance
• Long
• Term
• Care
• Protecting
• Personal
• Assets