"Own Your Future" By Planning Ahead Today

By Senator Michael A. O'Pake (D-Berks)
Senate Democratic Whip

          Harrisburg, March 31, 2008 -- As the state Insurance Department has now authorized the first insurance companies to begin selling policies under Pennsylvania's new Long-Term Care Partnership law, a new statewide outreach effort is underway to encourage Pennsylvanians to plan ahead for their future needs.
          In cooperation with the U.S. Department of Health and Human Services, Pennsylvania and Ohio were selected to participate in the "Own Your Future" campaign which is aimed at providing a wealth of information to seniors and those of the baby boom generation nearing retirement about the need to plan now in areas including finances, legal services, housing, health care and long-term care insurance. 
          Coinciding with this effort are new informational materials related to Pennsylvania's implementation of our new Long Term Care Partnership law -- a measure I advocated for years to provide an incentive for citizens to consider the purchase of long-term care insurance for their own personal protection and well-being and so that we might begin to control exploding taxpayer costs for nursing home and other long-term care services. 
          With the purchase of one of the new Long-Term Care Partnership policies, Pennsylvanians now have the ability to protect their personal assets -- for themselves and their loved ones -- on a dollar-for-dollar basis up to the amount of their purchased coverage if and when their coverage eventually runs out and they're forced to turn to public assistance.  For example, a person who purchases $100,000 of Long Term Care Partnership coverage will now be able to keep $100,000 of their assets and still qualify for Medicaid when and if the time comes.
          Before now, the only way our citizens could qualify for Medicaid is if they "spent down" most all of their assets and/or pretty much impoverished themselves.  In addition, these new Long Term Care Partnership policies are aimed at providing comprehensive coverage -- not just for nursing home or assisted living facility care, but for community-based services such as adult day care and in-home care.
          It's important to emphasize that this new insurance option is not right for everyone.  Interested consumers should carefully review the coverage and the cost of such coverage and whether they can afford the cost of the coverage with the insurance agent and/or carrier of their choice and trusted advisors and/or loved ones before making any final decisions.
          The fact remains, however, that there's no time better than today than to plan for tomorrow.
          A wealth of information is now available by visiting the "Own Your Future" link I've established on my Senate website at www.senator-opake.com, or by calling the state's Long-Term Care Helpline at 1-866-286-3636.  A free Long-Term Care Planning Kit is also now available from the federal government by calling toll-free at 1-866-752-6582.  And, as always, if my office can be of assistance on this or any other state-related issue, please don't hesitate to contact me at 610-929-2151.

                                                             ###