Partnership Qualified Long Term Care Insurance

Private insurance companies that issue long term care insurance policies which meet the requirements outlined in the Deficit Reduction Act of 2005 in states approved for implementation of the Long Term Care Partnership program. The Partnership program allows individuals to protect some or all of their assets and still qualify for Medicaid if their long term care needs extend beyond their lifetime maximum, and they meet the state's income and functional eligibility rules. Specific Partnership requirements vary from state to state, but it is anticipated that most states will develop reciprocity once federal guidelines are established.