The New York State Partnership For Long-Term Care
Q. What is the NYS Partnership for Long - Term Care?
The New York State Partnership for Long-Term Care is a unique program combining private long-term care insurance and Medicaid Extended Coverage. 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 some or all of their assets (depending on the insurance plan purchases), if their long-term care needs extend beyond the period covered by their private insurance policy.
Click here to view the NY Partnership Consumer Trifold
Q. How Can You Benefit by Purchasing a Partnership Policy?
As a participant in the program, you are entitled to certain benefits beyond the benefits provided in the Partnership LTC insurance policy. The most unique advantage is that if you exhaust the benefits of your policy, you are eligible to apply for Medicaid Extended Benefits and you'll be able to retain some or all of your assets. The amount of asset protection depends on whether you select a Dollar for Dollar or Total Asset protection plan. However, Medicaid Extended Coverage does require that you contribute your income towards the cost of your care according to Medicaid income rules.
NOTE: Although your Partnership policy may be used outside NY State, the special Medicaid eligibility is available only if you apply for it in NY as a resident of NY.
Q. How is the Partnership a Win-Win Situation?
The Partnership helps New Yorkers pay for their long-term care without having to "spend down" their assets, as they would have to 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, the Partnership provided a win-win scenario for everyone.
Q. Who Should Consider a Partnership policy?
Partnership for Long-Term Care insurance allows you to choose the care and care setting that meet your care needs, while avoiding financial hardship. A Partnership policy is ideal for someone who will not be able to afford the high cost of long-term care but who can afford the reasonable cost of long-term care insurance. The purpose of the Partnership is to protect personal resources by insuring yourself against the future catastrophic cost of long-term care. Therefore, if you have accumulated some wealth by saving, investment, or growth of value, you may be the best candidate for Partnership insurance. Remember, you must continue to pay the premiums and may also be responsible for certain out-of-pocket expenses beyond your policy coverage.
Q. What are the Benefits?
All Partnership Policies have the following basic benefits:
- Nursing home care, home care, and assisted living care services
- 5% annual compound inflation protection, required at purchase ages 79 & younger
- 2 days of care management services per year
- 14 days of respite care per year
- Nursing home bed reservation, 20 days per year
- Hospice care
- 30 extra grace days to ensure the premium is paid you have designated someone to be notified should you fail to pay your premium on time
- Coverage of alternate level of care status in a hospital while awaiting nursing home placement or at-home services
- Review of certain denied benefit authorization requests
- Guaranteed renewable
Additional benefits are available. For more information, ask your agent for a copy of the NYS Parternship Consumer Booklet
Q. Who is Eligible to Buy a Partnership Policy?
You are eligible to apply for a Partnership policy if you are a resident of New York State. To qualify for a policy, you must also successfully meet the underwriting requirements of the insurer.
Q. How Does an Insured Become Eligible for Benefits under a Partnership Policy?
After a policy has been issued to you, you become eligible for benefits if you meet the qualifying requirements stated in your insurance policy. Generally, the qualifying requirements relate to a certain level of inability to perform particular tasks called "Activities of Daily Living" or "ADL's." The primary ADL's used for measuring your care needs are eating, bathing, dressing, mobility, transferring, using the toilet and maintaining continence. The more help you need from another person and the more tasks you need help performing, the more likely you are to meet the qualifying requirements. In addition, insurers may also establish benefit eligibility based on cognitive impairment. This is important if you have a condition such as Alzheimer's disease.
Q. Why Consider a Partnership Policy Today?
Give yourself and your family peace of mind. As long-term care costs increase, quality long-term care insurance is a sensible way to protect your financial and personal independence. The Partnership program will provide Medicaid Extended Coverage benefits once the private insurance benefits have been exhausted. Your income will be used for your care, but your assets are protected, and you have established lifetime care.