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It enables people who buy certain qualified LTC insurance policies to keep more assets if they later need to request MA-LTC. It allows people to exclude assets and protect assets from MA recoveries in an amount equal to the benefits paid out by a partnership policy as of the effective date of eligibility for MA-LTC.
A Partnership policy also has a unique feature. This feature is lifetime asset protection. This assures that catastrophic long-term care expenses wont reduce you to poverty even if you run out of insurance benefits. Thats something other long-term care insurance policies do not offer.
A Partnership long-term care insurance policy will protect your independence by ensuring that you are covered for long-term care expenses and maintain your dignity by assuring you will not have to depend on others for your care needs.
Each Partnership-approved policy includes insurance benefits to cover the care you may need and automatic inflation protection to ensure that the benefits keep pace with the rising cost of care. Partnership policies also have other important features that are not required in other long-term care insurance policies.
If people who purchase qualifying policies deplete their insurance benefits, they may then retain a specified amount of assets and still qualify for Medicaid, provided they meet all other Medicaid eligibility criteria. Currently, these programs operate in four states: California, Connecticut, Indiana, and New York.
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(1) In general The term qualified long-term care insurance contract means any insurance contract if (A) the only insurance protection provided under such contract is coverage of qualified long-term care services, (B) such contract does not pay or reimburse expenses incurred for services or items to the extent that
Answer Explanation LTC partnership qualified policies are designed to protect a certain amount of assets if the policyholder exhausts their benefits and needs to apply for Medicaid. The other answer choices are not accurate descriptions of partnership qualified policies.
Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday.
When you need care, your Partnership policy pays for your care in the same way other policies would. But unlike a non-Partnership policy, each dollar your Partnership policy pays out in benefits entitles you to keep a dollar of your assets should you ever need to apply for Medi-Cal.
Long-Term Care Partnership Program: Under the Long-Term Care Partnership program, a qualifying long-term care insurance policy may protect the policyholders or certificate holders (also applied to group coverage) assets through a feature known as asset disregard under Michigans Medicaid program.

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