I see the OP has made some decisions after thinking through the financial and other variables.
For those who have been reading along and are considering the pros and cons of long- term health care plans, I'm wondering:
How does LTC insurance which meets requirements for state partnership plans come into play and affect the cost: benefit analysis?
If you're looking for LTC plans, might be worth asking about state partnership eligible plans.
Many states have offered- and I believe some still do- partnership plans which offer " dollar for dollar" matching for insurance plans from long/ term care insurance companies, essentially up to doubling the benefits of a plan . John Hancock and Genworth offered these partnership plans.
Basic info here: https://www.ltcfeds.com/help/faq/miscel ... rship.html
As an example: someone buys a LTC plan from an insurance company of their choice. If It meets state partnership plan eligibility. it can essentially double the policy benefits.
Let's say the LTC plan covers $300,000 worth of LTC costs. With a dollar for dollar match from a state partnership approved plan, there would be up to $300,000 in additional benefits....$600,000 in total. ...one dollar of additional benefits for every dollar of insurance benefits used.
In addition , the partnership plan allows a special benefit applying to Medicaid eligibility
: lets say the total of $300,000 LTC benefits are exhausted. , individuals with partnership plans are still allowed to keep outside assets of $300,000 and still meet Medicaid eligibility,its requirements.
This eliminate the far stricter spend down rules for Medicaid eligibility.
Finally, Parnership plans offer reciprocity in just about every state. So if you buy a plan in one state but decide you need to move closer to family living elsewhere, you can use the benefits there.