One of the most interesting new developments in long-term care is the expansion of the state long-term care partnership programs. In states that have passed these laws, people who have an approved long-term care insurance policy can qualify for Medicaid to help pay their long-term care bills after they’ve exhausted their coverage without having to spend almost all of their assets first.
If their long-term care policy provides $200,000 of benefits, for example, they’ll be able to protect $200,000 of their assets after using up their long-term care coverage and have Medicaid pay the bills. Here is more information from the states about their long-term care partnership programs.
If your state is not listed, contact your state insurance department to see check on the status of your state’s partnership program and find out about any other resources. You can find a link to your state insurance regulator at our insurance page.