Paying for long term care without breaking the bank.

As the U.S. population ages and major health care reform looms on the horizon, the search for new sources of financing for long term care has intensified. A key question is whether these resources should come from greater private contributions or from an expansion in public programs. The Partnership for Long Term Care, a new, state-supported public-private program, taps both sectors to protect those in need of chronic, long term care from impoverishment. The Partnership encourages people to plan for their long term care needs and uses Medicaid as reinsurance for those who purchase a certified policy. The four states that are participating in the Partnership have introduced a new form of means testing and better long term care financing options than currently exist.