New York State Partnership for Long-Term Care
What is the Partnership?
The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program allows New Yorkers to protect their assets (depending on the insurance plan purchased), if their long-term care needs extend beyond the period covered by their Partnership LTC insurance policy.
What does this mean to you?
If you buy NYSPLTC insurance and use the benefits according to the conditions of the program, you can apply for MEC, which may assist in paying for your on-going care. Unlike regular Medicaid, MEC allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar Asset Protection plan or a Total Asset Protection plan. However, MEC does require that you contribute your income to the cost of your care according to Medicaid income rules.
How is the NYS Partnership a win-win situation?
NYSPLTC helps New Yorkers pay for their long-term care without having to “spend down” their assets, as they would have to do if they relied totally on Medicaid to pay for their long-term care. By allowing New Yorkers to keep what they've worked hard to acquire, and reducing Medicaid costs for the State, NYSPLTC provides a win-win scenario for everyone.
We have developed an e-learning course that is entirely on-line. After completing the on-line course you must take a monitored exam. Please click here for the introductory page. This on-line training is for agents who have not been certified to sell NYS Partnership. If you are already certified to sell NYS Partnership policies it is NOT MANDATORY to do this e-learning. If you would like to do the training without receiving CE credits or paying the $100 fee you can still sign into the training to learn about the new product 2-4-50 total asset, 3.5% compound inflation protection, and reciprocity. The changes to the e-learning reflecting the changes to the NYS Partnership have been added.
First time visitors