KIRKLAND, Wash., Sept. 26 Long term care insurance, once abit player in the health insurance field, is now entering center stage thanksto influential backers: states like California, Connecticut, Indiana and NewYork. These four are the original long term care "partnership" states, nowjoined by many others. "States with partnership programs are spending millionspromoting LTC insurance through the media and direct mail," says CameronTruesdell, CEO of LTC Financial Partners (LTCFP), America's most experiencedlong term care insurance brokerage. "More important, they're providingfinancial incentives to help people participate."
*(PHOTO 72dpi: Send2Press.com/mediaboom/07-0807-LTCTruesdell_72dpi.jpg)
*(Photo Caption: LTC Financial CEO Cameron Truesdell.)
The financial incentives vary by state, including tax deductions forpremiums and a conditional loosening of the Medicaid purse strings. "Buy astate-approved long term care policy, and Medicaid in your state could offerbackup protection (with certain qualifications)," says Truesdell.
"We see more and more states implementing these promotional and supportprograms," Truesdell continues, "and the public is responding." Participatingstates now include Virginia, Iowa, Minnesota, Rhode Island, and Florida, "andwe expect most states to climb on the bandwagon," he predicts. To handle theincreased public demand, his organization has expanded from fewer than 100agents in 2005 to nearly 400 today.
Why are states promoting the private insurance? Any why are they offeringfinancial carrots for participation? "It's simple," Truesdell explains. "Thereare 77 million baby boomers nearing retirement with predictable periods ofincapacity. The states just can't foot the bill for all that nursing home orin-home care. They'd go broke. So they're encouraging people to protectthemselves through the private sector."
How does one sign up for a partnership-approved long term care policy?"You can't do it through just any insurance agent," says Truesdell. "Eachpartnership state certifies a number of reputable insurance carriers andagents to represent their program in their particular state. At LTCFP we havemore state-partnership-certified agents than any other brokerage specializingexclusively in the long term care field. In fact, some of our agents have beenqualified to guide other agents through the certification processes."
A national list of state-certified agents may be found athttp://www.ltcfp.com by clicking on "Find an agent." These experts can providedetails of the partnership program, if available, in their state; and they mayknow of pending legislation to launch a partnership program if their statedoes not currently offer one.
This release was issued on behalf of the above organization bySend2Press(R), a unit of Neotrope(R). http://www.Send2Press.com
SOURCE LTC Financial Partners LLC