New Stand-Alone LTCI Player Continues to Move Forward

The Essential LTC product is now available in all states except California, Hawaii, Montana and New York.

The federal LTC Partnership law lets a state provide Medicaid-based financial incentives for residents to buy private long-term care insurance. States with partnership programs ease Medicaid  nursing home benefits asset limits for resident who buy qualified LTCI coverage, exhaust the private benefits, and then seek help from Medicaid with paying for care.

Marc Glickman, chief sales officer at LifeCare, says in a statement about the EssentialLTC product that the LTC Partnership program can provide a good incentive for consumers to protect themselves against long-term care risk.

"People who prudently plan to protect their loved ones from the devastation of an extended care event should have the choice of comprehensive and affordable coverage," Glickman says.

Dennis Vann, an NGL national sales vice president, says in a statement of his own that more announcements could be coming soon.

"We continue to work closely with state regulators and look forward to announcing additional partnership states and new product features in the coming months," Vann says.

— Read James Glickman to Lead Society of Actuaries, on ThinkAdvisor.

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