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Longterm care insurance (LTC or LTCI), an insurance product sold in the United States, United Kingdom and Canada, helps provide for the cost of longterm care beyond a predetermined period. Longterm care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Long-term care insurance is also accountable for home care too.

Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer’s facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum).

In recent times the health care industry has seen a massive shift from hospital-based care to non-acute settings over the past decade. As the health care markets transfer over to a value based payment system, the acceleration of this shift will occur.

The Connecticut Partnership for Long-Term Care is a program of the State of Connecticut that works in alliance with the private insurance industry.  It is a joint effort by State government and private industry to create an option to help you plan to meet your future long-term care needs without depleting all of your assets to pay for care.

Under the Connecticut Partnership, private insurance companies competitively sell special long-term care insurance policies.  These policies not only offer benefits to pay for long-term care costs, they also offer Medicaid Asset Protection should you ever need to apply to Connecticut’s Medicaid Program for assistance.

Note: Medicaid doesn’t work either unless you’re broke or poor.

For most people, it is unpleasant to think about needing nursing home or home care when they get older.  No one is immune to this possibility.  Even more unpleasant is the likelihood that you will have to sacrifice your life’s savings to pay for that care if you don’t plan ahead.

To help you plan for your financial future, the State of Connecticut has joined forces with private insurance companies to form the Connecticut Partnership for Long-Term Care.