Partnerships For Long Term Care Programs

In some states there are new programs that form "partnerships' between private long term care insurance companies and the state's Medicaid program. The partnerships have two main objectives:

• Reduce state spending on Medicaid
• Prevent the transferal or exhaustion of assets so one can qualify for Medicaid

The intent is that when a policy's benefits are exhausted the beneficiary can then apply for Medicaid without spending down their assets. For every dollar spent on long term care insurance coverage, the policy holder keeps a dollar of their own assets. There are many private insurance companies that participate in these state programs. You can get quotes from various private long term care insurance providers by filling out the quote request form on InsuranceBureau.com

Sources

1. What Makes a Partnership Policy Unique? Retrieved April 23, 2008, from http://www.dhcs.ca.gov/services/ltc/Pages/ConsWhatmakesapolicyunique.aspx#policyunique
2. What are 'Partnership for Long-Term Care' programs? Retrieved April 23, 2008, from http://www.iii.org/individuals/longtermcare/ltc_partnership/