Long- Term Care Insurance Partnership Policies. Many middle- income people have too much money to qualify for Medicaid but can't afford a pricey long- term care insurance policy. In an effort to encourage more people to purchase long- term care insurance, the Deficit Reduction Act of 2. DRA) created the Qualified State Long Term Care Partnership program. The program offers special long- term care policies that allow buyers to protect assets and still qualify for Medicaid when the long- term care policy runs out. The program authorized by the DRA expands to all states the partnership programs that were previously available in only four states: California, Connecticut, Indiana and New York. The DRA- approved programs work this way: Private companies sell long- term care insurance policies that have been approved by the state and meet certain standards, such as having inflation protection. The program offers incentives for people to purchase long- term care insurance policies that will cover at least some of their long- term care needs. New York & National Long-Term Care Brokers. The NY Partnership for LTC. The New York State Partnership for Long-Term Care is a unique program combining private long-term care insurance and Medicaid. The asset protection offered by most partnership programs is dollar- for- dollar: for every dollar of coverage that your long- term care policy provides, you can keep a dollar in assets that normally would have to be spent down to qualify for Medicaid. So, for example, if you're single, you would normally be allowed only $2,0. Medicaid coverage of long- term care. But if you buy a long- term care insurance policy that provides $1. About the Long-Term Care Partnership Programs. Long Term Care Partnership Policies allow consumers to keep some of their assets that they would most likely spend down in order to qualify for Medicaid when needing Long Term. Information on the New York Long Term Care Insurance Partnership Program, NY Long Term Care Partnership Program, NY LTC. Many states have programs to pay for home and community-based long-term care services for. Legal assistance and services that protect the rights of older persons such as the long-term care ombudsman program. Partnership LTC Home General Info Abstract: General InformationThe Connecticut Partnership for Long-Term Care is a program of the State of Connecticut that works in alliance with the private insurance industry. Medicaid. If you purchase a partnership policy with a minimum duration of three years of nursing home care or six years of home care, once you have exhausted the benefits from the policy you can qualify for Medicaid coverage no matter your level of assets. In other words, an unlimited amount of assets can be protected. Indiana offers either of these models, depending on when the policy was purchased and the policy's design. Most states have implemented partnership programs. A 2. 01. 3 study by Boston College’s Center for Retirement Research suggests that these programs are actually money losers for the states, costing more in Medicaid subsidies to those who would have purchased non- partnership policies anyway than they save in overall Medicaid costs. For more information about each state's program, see the American Association for Long- Term Care Insurance partnership page. For more information on the four original state partnership policies, visit the following Web sites. Long Term Care Insurance - New York State Partnership for Long- Term Care. What is the Partnership? The NYS Partnership for Long- Term Care (NYSPLTC) is a unique Department of Health program combining private long- term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long- term care needs extend beyond the period covered by their policy. What does this mean to you? If you buy NYSPLTC insurance and use the benefits according to the conditions of the program, you can apply for MEC, which may assist in paying for your on- going care. Unlike regular Medicaid, MEC allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar Asset Protection plan or a Total Asset Protection plan. However, MEC does require that you contribute your income to the cost of your care according to Medicaid income rules. How is the NYS Partnership a win- win situation? NYSPLTC helps New Yorkers pay for their long- term care without having to “spend down” their assets, as they would have to do if they relied totally on Medicaid to pay for their long- term care. By allowing New Yorkers to keep what they've worked hard to acquire, and reducing Medicaid costs for the State, NYSPLTC provides a win- win scenario for everyone. If you would like to receive the newsletters, please contact the Partnership office at 8. If you email us, please include your NYS Insurance License #.
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