Partnership Program and Long Term Care Insurance: The Federal Deficit Reduction Act of 2005 allows states to have a Partnership program to provide asset protection for those who buy Partnership qualified long term care insurance policies. Except for MA and VT, all other New England states participate.

This is how it works. Most of us are going to need long term care for chronic conditions like strokes, accidents, MS and dementia. Under the ‘spend down’ rules, you and your partner are allowed to keep about $120,000, a house and a car under Medicaid. Everything else must be spent on health care.

If you have a traditional long term care policy of, for example, $300,000, the spend down limit now becomes $420,000. The government can’t require that it be spent on long term care up to the limit of the policy when you qualify for Medicaid. The money you have saved is yours to keep for whatever reasons you have. It’s called asset protection.  Let me help you protect your assets from the Government. For help, click Contact Me. I need advice.

 

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