New York

New York”s Partnership Program for Long Term Care is a partnership between private insurance companies and Medicaid to finance long term care for the citizens of the state. It is a program which combines long-term care insurance and Medicaid Extended Coverage which helps residents to financially prepare for the possibility of needing nursing home care, home care or assisted living services in the future.

Another purpose of the partnership is to protect the policyholder”s personal resources by insuring against the future catastrophic cost of long-term care. The eligibility for Medicaid Extended Coverage is based upon time and the individuals, who purchase Partnership policies, afterwards use the benefits according to the conditions of the program, including the duration requirements, may apply for Medicaid Extended Coverage.

Two main types of policies offered in New York are Dollar for Dollar Asset Protection and Total Asset Protection. Dollar for Dollar Asset Protection policies will allow policyholders to establish asset protection based on the amount of benefits paid from the policy when they apply for Medicaid Extended Coverage.

Total Asset Protection policies on the other hand, allow policyholders to protect all of their assets when they apply for Medicaid Extended Coverage. Under this plan, the insured may sell, transfer, and spend resources before, during, and after applying for Medicaid Extended Coverage without affecting his eligibility for Medicaid as long as he used up the policy minimum duration period.

Very important benefits the policies must cover include:

Inflation protection of 5% compounded annually “” This is issued to policyholders aged 79 and below and becomes optional for individuals aged 80 and above.

Guaranteed Renewable “” If a policyholder wishes to renew a policy, his insurance provider cannot decline as long as he pays the premium on time and makes no changes in the provision.

Partnership Independent Assessment Benefit – This coverage allows policyholders who are denied by their Partnership insurance company of benefits (due to failure to meet disability standards) to request for an independent review by the New York State Partnership office.

Alternate level of care “” These are in-patient services received in a hospital while waiting to be placed in a nursing home, or while waiting for arrangements for home care.

Care management “” This benefit has a minimum of two consultations per calendar year which is a face-to-face care management consultation done by independent healthcare professionals basically done to assess the services received by a policyholder and give recommendations to optimize utilization of insurance benefits.

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Get the latest developments on New York long term care partnership and identify its various long term care insurance policies. Moreover, research about CLASS Act and its recent modifications.

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