Virginia

7/24/2012

Virginia

The partnership program for Virginia long term care was applied in September of 2007 as a means to support baby boomers in or nearing the age of retirement to shield their accumulated assets. However, while parternship and non partnership insurance options are related in many areas, not all VA long term care policies are certified partnership policies. The biggest discrepancy between the two is that partnership policies offer dollar for dollar asset protection.

With dollar for dollar asset protection in the state of Virginia, the amount that a VA long term care policy disperses is equal to the quantity that is safeguarded when inquiring for an individual's Medicaid elibility. For example, if your policy covers up to $ 75,000 in benefits, the policy holder ascertains that same $ 75,000 and can still incorporate Medicaid if needed.

Medicaid support is typically used when the assets from a VA long term care policy are maxed out. The conditions for Medicaid, which are determined on an individual basis, consist of but are not limited to:

Verification of residency in the state of Virginia
Proof of income and resources
Social security information
Completion of Medicaid documentation

Inflation security is also a defining component of any partnership insurance policy. Inflation protection is installed in partnership policies as a response to the yearly cost increase for Virginia long term care. Virginia long term care policy holders who are under the age of 61 must have full inflation safeguards. Policy holders aged 61-76 are required to carry a pre-determined level of inflation protection. Those aged 77 or older are highly encouraged to have inflation protection, although it is up to their own choosing.

Senior citizens in Virginia take up more than 12% of the total population.

Virginia long term care salespersons and brokers can be found in all areas of VA, including

Richmond, VA
Virginia Beach, VA

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