The Importance Of Long-Term Care

Residents of some states may be able to find long-term care coverage through a State Partnership Program that links special Partnership-qualified (PQ) long-term policies provided by private insurance companies with Medicaid. These PQ policies:

Help people purchase shorter term, more complete long-term care insurance Include inflation protection, so the dollar amount of benefits you receive can be higher than the amount of insurance coverage you purchased All you to apply for Medicaid under modified eligibility rules if you continue to need long-term care and your policy maximum is reached Include a special “asset disregard” feature that allows you to keep assets like personal savings above the usual $2,000 Medicaid limit. …show more content…
Some years later he receives benefits under that policy up to the policy’s lifetime maximum coverage (adjusted for inflation) equaling $150,000. John eventually requires more long-term care services, and applies for Medicaid. If John’s policy was not a Partnership-qualified policy, in order to qualify for Medicaid, he would be entitled to keep only $2,000 in assets. He would have to spend down any assets over and above this