What are Partnership for Long-Term Care Programs?
By Jim Robinson

 LTC Partnerships

What are Partnership for Long-Term Care' Programs

Medicaid is a state-government-administered program that pays the medical and long-term care expenses of impoversished people. If you have more money than your state permits when you need long-term care services, your state’s Medicaid won’t pay for those services. You’ll have to spend your own money–including using up your assets–until you become financially depleted to qualify.

Advantage
In some states if you participate in the state’s Partnership for Long-Term Care program, you can qualify for Medicaid without spending yourself into poverty. To participate in the Partnership, you must buy a long-term care insurance policy that contains at least the basic benefits required by the Partnership program.

How Will The Long-term Care Partnership Work?
For every dollar that a LTC Partnership insurance policy pays out in benefits, a dollar of personal assets can be protected (disregarded during the Medicaid eligibility review) if the individual chooses to apply for Medicaid.

EXAMPLE
Lets say you buy a policy under the program and you live in the state while receiving long-term care services, and exhaust the benefits under the policy for long-term care services… you can apply for Medicaid benefits even though you haven’t sold and used your assets. Each dollar paid by the insurance company is a dollar of assets you can keep in addition to the minimums permitted by your state’s Medicaid rules.

Lets take the example one step further. Suppose the long-term care policy has paid $50,000 in benefits. In that case, you can keep $50,000 in investments or savings and still qualify for Medicaid. Without a Partnership long-term care policy, you’d probably have to spend virtually all of that $50,000 (this is called spending down) before you became eligible for Medicaid to pay your long-term care bills.

The following Information is for Financial Services Professionals

EXAMPLE: VIRGINIA
This course addresses Virginia's new training requirement for the sale and issue of state long term care partnership policies. Specifically, it was designed to provide the required 2-hour training on partnership programs and partnership policies agents need to be qualified to sell Partnership policies. The course covers: 

1. Virginia's long term care partnership program
2. Virginia's LTC laws and regulations
3. Partnership policy design and provisions
4. Policy disclosure requirements
5. Insurer and agent practices
6. Suitablity
7. Enroll and complete. (Virginia) 

Initial training of at least eight hours and then ongoing training of at least four hours every 24 months. At least two hours of training, specifically on the Partnership is required. Complete Your Certification. Click on COURSE CATALOG, choose your state, select "LTC/ LTC Partnership"

EXAMPLE: MARYLAND
This course provides a thorough orientation to long-term care and the many options available to fund long-term care, including the new state partnership programs and partnership policies. Designed specifically for the licensed insurance professional to meet long-term care and partnership training requirements, the course details the facts and facets of long-term care: what it is, how it is provided, and how it can be funded. It explores the nature of long-term care, LTC services and providers, LTC insurance, partnership programs, and qualified partnership policies. It details federal and state programs, including Medicare and Medicaid, and explains the relationship between state LTC partnership programs and other private and public coverage of LTC services. The course also includes an in-depth discussion of the ethics and suitability standards associated with the sale of LTC insurance. This course has been approved for the one-time LTC and LTC partnership training required by this state. Topics covered include:

1. The Need for Long-Term Care
2. Long-term Care Services and Providers
3. Medicare and Medigap
4. Medicaid
5. Long-term Care Insurance
6. Long-term Care Insurance Policy Designs and Options
7. Long-Term Care Partnership Programs
8. Qualified Long-Term Care Partnership Policies
9. Alternatives to Long-Term Care Insurance
10. Ethical Considerations in the Sale of Long-Term Care Insurance
11. Enroll and complete. (Maryland)

Long-Term Care: Programs, Policies, and Partnerships  Meets State LTC CE Requirement and One-Time LTC Training Requirement - 9.0 Hours. Maryland-INS-LTC/P  Long-Term Care: Programs, Policies, and Partnerships - Maryland Provider Number: S12712  Complete Your Certification. Click on COURSE CATALOG, choose your state, select "LTC/ LTC Partnership"

Source: WebCe.com