Partnerships
The Indiana Long Term Care Insurance Program (ILTCIP), is administered by the Office of Medicaid Policy and Planning under the Indiana Family and Social Services Administration in conjunction with the Indiana Department of Insurance.
Please check out Facts/FAQs for some general information, or link directly to ILTCIP's websites by using the links to the right. If you wish to speak with someone, feel free to call or submit the Contact Us form, and I will be happy to discuss any questions you may have.
Partnership Asset Protection and Medicaid
Partnership policies contain a State-added feature called "Medicaid Asset Protection". Through this feature, Partnership policies offer Indiana residents a way to provide for their long term care needs without the fear of having to 'spend down' their life savings. Partnership policies guarantee that the buyer will receive asset protection from Medicaid at least equal to the amount of benefits used.
For persons who initially purchase less than the State-set dollar amount, a dollar of assets is protected for each dollar of Partnership Policy benefits paid out. For individuals who initially purchase the State-set dollar amount or more in benefits, all of their assets are protected once they use all of their Partnership policy benefits. ONLY ASSETS ARE PROTECTED - NOT INCOME.
For example, if you bought a Partnership Polciy with a maximum benefit pay-out of $110,000 (the approximate cost of 2.6 years of nursing home care - the length of the average stay), you could protect $110,000 of your assets. If you want to protect more or less of your assets, you may select a policy with a higher or lower benefit pay-out. If you want to protect all of your assets, you would need to purchase, at a minimum, the State-set dollar amount for Partnership Policy benefits. For married couples, each spouse would need to purchase his/her own policy for the greatest overall protection.
For more information about Partnership Policies, and other options to protect your future, contact Long Term Care Solutions, Inc.
****Medicaid is only available if you meet strict income and asset limits.This means that most people will have to 'spend down' their life savings before Medicated will assist with long term care costs.
Policies Issued:
- 2008 - $228,045
- 2009 - $209,447
- 2010 - $251,419
