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The Qualified LTC Insurance Partnership Program is an arrangement between the U.S. Dept. of Health and Human Services, the state agency administering the program, and the insurance industry. The Partnership established “partnership LTC insurance policies” that provide long-term care coverage and also “Medicaid Asset Protection”.
LTC policies protect a specific amount of assets.
A policy that pays out $250,000 of benefits would allow the policyholder to protect $250,000 of assets and still be eligible for Medicaid benefits. In addition to state mandated Medicaid levels.
Doesn’t protect income.
LTC Partnership Policy Structure Requirements:
The policy must be federally tax-qualified, AND...
Age at the policy purchase date:
Policy must provide annual inflation protection of:
Less than 61
The policy must contain annual inflation protection of at least 3 % compounded annually per year, or a rate, compounded annually, that is equal to the annual consumer price index.
61 through 75
The policy must contain annual inflation protection of at least 3 % simple, or a rate equal to the annual consumer price index.
76 and over
The policy may but does not have to provide some level of inflation protection.