What's a Partnership Plan?

Partnership Plans and Medicaid

Most of us don't plan on being on public assistance (Medicaid).  But if you have a long-term care policy that is either inadequate in its benefit payments to meet the cost of your care, or you exhaust the policy’s pool of money entirely, you’ll need to pay for your care yourself.  That may mean spending down your assets if your income isn’t sufficient to make up the difference or to fully pay for your care.
If it appears that Medicaid qualification will be your only option, and if your LTC policy was qualified as a Partnership policy, you can shelter dollar for dollar assets that you would otherwise have to spend down to financially qualify for Medicaid long term care benefits.
We suggest that, once you’ve decided on the policy structure that makes the most sense for you and your budget, you should consider selecting a company that offers such a policy as a Partnership qualified policy.  It won’t’ add to your premium, and it could help protect at least some of your assets in the future.  
If you plan on retiring to a state other than that in which your policy will be issued, check that the retirement state has reciprocity with your policy issue state for Partnership purposes.