Michigan Long Term Care Insurance

Michigan Long Term Care Insurance

In Michigan, within the next 20 years,  nursing home’s annual rate from $90,063 goes up to $360,255. Only the state’s wealthiest would be able to afford it and average citizen will be struggling to catch up. There are about nine million residents that are average citizens who are still trying to figure out how to anticipate the cost of care.

Average Costs of Long Term Care Services in Michigan

To understand why an insurance policy is the best answer to long term care expenses, it’s important to realize the actual costs of care. Genworth Financial, a leading global insurance company, conducted a study on the current median cost of Long Term Care in the State of Michigan, focusing on metro areas where most of care is received:

Long Term Care Partnership Program in Michigan

The State of Michigan Long-Term Care Insurance Partnership is a partnership program between the State of and private Long Term Care insurance companies. Michigan’s partnership’s Dollar-For-Dollar Protection protects Michiganians personal assets when applying for Medicaid. It helps them prevent depleting all their savings to pay for long term care. The program allows residents of Michigan to retain financial assets beyond the asset limit of Medicaid if they apply for assistance after exhausting their insurance policies.

Partnership Policy Requirements in Michigan

Partnership policy is a Long Term Care insurance policy with Partnership coverage. The Michigan Insurance Administration certifies qualified Long Term Care policies offered by insurance companies to be Partnership policies, in accordance with the Social Welfare Act (400.1 - 400.122).

All Partnership policies include a Partnership Policy Status Disclosure Notice. This partnership disclosure notice identifies the policy purchased to be a Partnership policy. It describes the benefits and consumer protection features, as well as the actions that may disqualify your policy as a Partnership policy. Partnership policy may be lost when the policyholder moves to a different state, makes modifications after the policy has been issued, or if there are changes in federal or state laws.

Request Free LTC Insurance Quotes in Michigan

Find out how much a long term care insurance policy costs in Michigan by filling up our free online assessment form. Compare costs from the top insurance carriers in the country and get information to help you prepare for your future long term care.

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