Long Term Care Insurance Partnership Plans

What is a partnership-qualified plan?

One of the main reasons people purchase long term care insurance (LTCI) is to protect their assets and making sure you purchase a partnership-qualified LTCI policy will increase the ability to do so. Most states have “partnership” programs that allow partnership-qualified policies to be sold. These LTCI policies allow for even more asset protection by allowing you to keep a higher portion of your savings and investments before qualifying for Medicaid benefits.  

In a nutshell, for every dollar your Partnership-qualified LTCI plan pays for your care, you receive a dollar of asset protection.

What makes a Partnership-qualified policy different?

Participating states have different, specific qualifications, but there are some general similarities. Partnership-qualified policies:

  • Allow individuals to protect a higher amount of their money and investments while qualifying for Medicaid.
  • Must meet specific state and federal benefit requirements.
  • Must include an interest rider (the type will depend on age at which policy is purchased).

How a partnership-qualified policy might work.

Let’s say you purchase a Partnership-qualified LTCI plan with a maximum benefit of $250,000. You end up requiring care, and the policy pays out the full $250,000 for that care. Depending on your state’s Medicaid qualification requirements, you are now allowed to keep $250,000 in savings or investments, as well as whatever your state already allows (generally about $2,000).

So instead of having to “spend-down” your own assets to $2,000 you are able to qualify for Medicaid while keeping $252,0000.

Find out about LTC in your state.

Not all states offer partnership policies, and those that do, have different requirements. An LTCI agent authorized to sell your state’s partnership policies will be able to explain the state specific requirements for qualification.

Find out about LTC in your state by visiting our State Cost of Care page.

Source: Oregon.gov and Genworth Financial



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