What is the New York State Partnership for Long-Term Care?
The New York State Partnership for Long-Term Care is a unique long-term care insurance program which combines private long-term care insurance with Medicaid to help New Yorkers prepare financially for possible long-term care needs in the future. The Partnership design is innovative because for the first time it combines front-end, private insurance coverage with back-end, publicly funded assistance for continuing long-term care costs.
Under the Partnership program, individuals who purchase a Total Asset Protection or Dollar for Dollar Asset Protection Partnership policy and utilize the benefits for at least the policy's minimum benefit duration period may qualify for Medicaid Extended Coverage . For Total Asset Protection plans, eligibility for Medicaid Extended Coverage is based on income only, because ALL accumulated assets are protected . This means assets are totally disregarded for purposes of determining eligibility for Medicaid Extended Coverage.1
For Dollar for Dollar Asset Protection plans, the amount of protected assets is equal to the dollar amount of insurance benefits paid on behalf of the participating policyholder.2 Protected assets are not considered available to determine eligibility for Medicaid Extended Coverage. Medicaid eligibility is based on available (i.e., unprotected) assets and income. The insured will be required to spend down unprotected assets in excess of the Medicaid Resource level in order to be eligible for Medicaid Extended Coverage.
1Chapter 659 of the Laws of 1997 New York State
2Chapter 58 of the Laws of 2005 New York State
