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Long Term Care Insurance 101

Long Term Care Partnership Policies

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Thanks to the Federal Deficit Reduction Act of 2005, states can have a Partnership program to provide asset protection for people who buy Partnership qualified long term care insurance policies.

The program kicks in once jpolicy time limits run out. Historically, once benefits run out, you have to pay remaining costs yourself until just about all your assets are gone so you can qualify for Medicaid long term care benefits. However, under the Partnership Program, you can keep more of your savings and still qualify for Medicaid. The way it works is that your assets are protected up to the total amount of coverage you received from your policy before you exceeded the coverage limits. For example, if your policy limit was $200,000 and all the money was spent, you can keep $200,000 in assets and setill qualify for Medicaid.

To learn whether your state has a Partnership Program, and if so, the Program details, see the web site of The Partnership For Long Term Care by clicking here offsite link.


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