Long Term Care Partnership – What Is It?

Did you know you can protect even more of your income and assets with a Long Term Care Partnership plan? The Long Term Care Partnership Program started as a joint federal-state program to encourage citizens to buy private long term care insurance.

When consumers buy a Partnership-qualified long term care policy, they receive even more asset protection.

Dollar-for-Dollar Protection

Partnership-qualified policies give policyholders dollar-for-dollar asset or spend down protection. This means, every dollar of insurance coverage you buy gives you matching dollars of Medicaid asset disregard to protect you against Medicaid asset recovery programs.

For example, if you bought $100,000 of a Partnership-qualified long term care insurance policy, you’ll be allowed to keep an additional $100,000 over the asset level you’d otherwise need to meet to be eligible for Medicaid coverage. This policy also protects your assets after death from Medicaid estate recovery.

Partnership Varies by State

Because Partnership is a federal-state program, rules and availability may vary depending on the state where you live. Some states may not have a Partnership Program available. A Long Term Care Insurance Specialist can advise you if Partnership is available in your state.

Partnership May Require Certain Policy Benefits

Inflation protection keeps your benefit pool growing year after year. To have a Partnership-qualified policy, you typically must purchase the approved level of inflation protection for your state.

The 4 Original Partnership States Are Unique

The program started with four original states: California, Connecticut, Indiana, and New York. These programs have Partnership rules unique to them. If you live in one of these states, work with an LTC Specialist who is licensed and Partnership certified in your state. They’ll educate you on your options and guide you through the process of purchasing a Partnership policy.

Interested in learning the cost of long term care coverage? Get an instant quote with our online quoting tool and speak with a Long Term Care Specialist about how you can protect your assets with a partnership program in your state.