Hang On To Assets

What is a Partnership Policy and What Makes it Different?

Long-term care insurance policies sold as a “Partnership Policy” are different from other long-term care policies in the following ways:

  • Partnership policies carry a special endorsement from the State for meeting additional consumer protection standards. These standards include many consumer safety features that provide assurance you are purchasing a quality product.
  • Partnership policies allow you to protect assets equal to what your policy has paid in benefits. This feature is known as Medicaid Asset Protection. Protected assets will be disregarded or ignored if you need to apply to your states Medicaid program to help pay your long-term care bills. Only Partnership policies provide Medicaid Asset Protection.
  • Because of the Medicaid Asset Protection feature of Partnership policies, you need only purchase an amount of insurance equal to the amount of assets you wish to protect. Note that through New York state Partnerships you can protect 100% of your assets. A one or two-year policy may be all you need to protect your assets, rather than buying more insurance, which is more expensive. This means Partnership policies can be a more affordable option for some people.

In addition to the standards that all long-term care insurance policies must meet, Partnership policies also provide the following consumer safety features. Other long-term care insurance policies may or may not have these features:

  • Partnership policies provide a minimum daily benefit to assure that the benefits are meaningful when you need them.
  • Benefits of a Partnership policy automatically increase to account for inflation.

For a further explanation of Partnership Policies, I would be happy to talk with you. Please contact me for more information at: 914-242-3250.


Posted in Long Term Care, Partnership Policy, Uncategorized.

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