What is the Long-Term Care Partnership?
The Long-Term Care Partnership Program is a public/private cooperative program that allows states to be designated as Partnership states under the Deficit Reduction Act of 2005. Insurance policies must meet the state and federal Partnership requirements.
People who purchase qualifying long-term care policies, after depleting their insurance benefits, may still qualify for Medicaid, provided they meet all other Medicaid eligibility criteria.
The Long-Term Care Partnership program provides dollar-for-dollar asset protection. Each dollar that your Partnership policy pays out in benefits entitles you to keep a dollar of your assets if you ever need to apply for Medicaid Services.
What is Medicaid?
Medicaid is the federal/state program that provides services to low income individuals. These services include payments for long-term care in nursing homes or assisted living if a person meets the eligibility requirements of the state where they reside.
Why consider a policy?
For most people, the benefits of their private Partnership insurance policy will provide all the care they will ever need. But, because of the unique asset protection feature, you won't have to impoverish yourself if you run out of insurance benefits and still need care. Protected assets are not considered in determining Medicaid eligibility and estate recovery.
What does a Partnership Policy cost?
Each insurance company offering Partnership policies has its own premium rates. However, the younger you are when you purchase coverage, the lower your annual premium will be. That is a good reason to buy now rather than waiting.
Partnership long-term care insurance policies are only marketed by licensed insurance professionals who have completed training required by the State of Kansas.