Partnership Long Term Care Insurance

Partnership Long Term Care Insurance

Most states have “Partnership” long term care insurance programs. This programs are primarily intended to help reduce the costs of a particular state’s Medicaid system by providing certain incentives.  The basic idea was to encourage people to purchase a “partnership-qualified” long term care insurance policy which would help shelter someone’s assets from the Medicaid “spend-down” and estate recovery provisions.

Please read our blog on California’s Long Term Care Partnership program to get a better idea of how these “partnership-qualified” policies can be beneficial.

How does a long term care insurance policy qualify for a state’s LTC Partnership program?

• The policy must be federally tax-qualified (true of traditional LTC policies, but not hybrid LTC policies)
• Must include inflation protection provisions.
• Must be filed in a state as a Partnership Policy.

Each state may have different provisions and requirements for a policy to be eligible for their Partnership program.  Please be sure to ask your advisor for more information.

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