All About the Minnesota Partnership for Long Term Care

As an alternative to traditional costly long term care policies, the state government of Minnesota, together with private insurance companies, has implemented the Minnesota Partnership for Long Term Care program. The Minnesota long term care partnership was meant to encourage residents to look into and eventually buy private long term care insurance Minnesota.  This will not only help them have a plan against costly long term care services, but also help lift off the pressure on the state’s Medicaid program.

Cost of Care in Minnesota and the Elderly Population

The launch of the partnership program was a way to offer residents of Minnesota access to private insurance that could help them deal with the rising cost of care in the state. Below is a table comparing the different types of long term care services and how much the average cost of each one is at the present.

The image shows the Minnesota median cost for care data as generated by Genworth Financial:

These prices are still quite cheaper compared to other states like New York or Connecticut, however, families who are at the lower income bracket and people who do not have adequate savings are already raising their concerns whether they would be able to afford quality care in the future.

As of 2012, Minnesota’s population was recorded at 5,379,139, where 13 percent belong to people aged 65 and above. As expected, that percentage would rise in the following years and more elderly would require some form of long term care services. Without a proper plan in place, such as private insurance or retirement funds, a senior may not be able to afford quality care and assistance when he or she needs it.

Buying a Long Term Care Policy

With the established scenario above, the importance of having a plan has never been this urgent. However, don’t just buy any plan out there. Choose one that has complete benefits at the most affordable rates. How do you do that? Compare policies and quotes!

Before buying any policy, whether traditional or partnership, compare what are the benefits you will get and how much you will pay in premiums for those benefits. One good thing to remember is to project your costs far into the future. Do not buy a policy that you feel will be hard for you to pay in the next years.