BRIGHTON, Mich., Jan. 12 /PRNewswire/ -- LifeSecure Insurance Company, a Michigan-based long-term care insurance industry leader, is strengthening its national service offerings through Partnership Program approvals secured in six states, including: Ohio, Florida, Colorado, South Dakota, Oregon and Nebraska.
Partnership Programs for long-term care insurance represent an alliance between state governments and private long-term care insurance companies to encourage people to purchase private insurance and simultaneously protect some of their own assets and savings against Medicaid spend-down requirements. Generally, these Programs allow a consumer to protect an additional amount of personal assets equal to the amount of benefits paid under their long-term care insurance policy.
"The first and most important step in long-term care planning is for consumers to become educated on how the system works and what their options are," said Lisa Wendt, president and CEO, LifeSecure. "Many people assume government programs like Medicare and Medicaid will completely cover the cost of all long-term care needs," continued Wendt. "That can be a very costly assumption. We want to help families separate the myths from fact and understand there are uncomplicated and affordable solutions available, including these Partnership Programs, which can provide greater asset protection."
Long-term care is an area of growing concern for American families as more individuals approach retirement age. Studies show that a 65-year-old today has a 70 percent chance of needing long-term care at some point in his or her lifetime. If that care includes a nursing home, the current average annual stay is estimated at $75,000.
"LifeSecure is proud to be working in partnership with state regulators nationwide to make long-term care insurance Partnership Programs a choice for more U.S. residents," continued Wendt. "We a
|SOURCE LifeSecure Insurance Company|
Copyright©2009 PR Newswire.
All rights reserved