ANSWER: The New York State Partnership for Long-Term Care is a unique program that combines private long-term care insurance and Medicaid to help New Yorkers prepare financially for the possibility of needing nursing home or home care. The program allows New Yorkers to protect their assets while remaining eligible for Medicaid if their long-term care needs exceed the period covered by their private insurance policy.
In other words, if you buy a long-term care insurance policy under the Partnership program, and you exhaust its benefits, you may apply for New York State Medicaid benefits AND STILL RETAIN ALL YOUR ASSETS. You will, however, have to contribute INCOME to the cost of the long-term care, BUT YOUR PRINCIPAL IS PROTECTED.
ANSWER: It was created to help New Yorkers protect their assets and finance long-term care without impoverishing themselves or signing over their life's savings, with the accompanying loss of dignity. In the long run, it will help reduce the state's massive Medicaid tax expenditure. The Partnership offers New Yorkers and New York a better alternative.
ANSWER: While the policies are not a solution for everyone, they may be for you. The state recommends that people of middle age and older consider these policies if they:
YOU SHOULD BE ABLE TO PAY FOR THE PREMIUMS WITHOUT DIMINISHING YOUR LIFESTYLE. As a practical matter, your income and expenses must be reviewed to see if you can afford to pay the premiums. I disagree with the State's recommendations and think you should have higher assets and income to be able to afford long term insurance, but we can discuss that at a free office conference if you like.
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ANSWER: I can suggest the best policies available from time to time.
ANSWER: During the period covered by your private insurance coverage, you may use the policy anywhere in the United States. However, if you leave New York State, you must return to receive the extended Medicaid coverage.
SO IF YOU KNOW YOU'RE GOING TO MOVE OUT OF STATE AND YOU KNOW YOU WON'T BE COMING BACK, THESE POLICIES ARE NOT FOR YOU!
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I can suggest other benefits to avoid you having to private pay large amounts of nursing home costs.
ANSWER: The cost of your premiums will depend on your age and the options you choose. Whatever the cost, the premiums will not change due to changes in your health or your age.
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Please note that the Partnership policy described here is only one type of Long Term Care policy and it may not be suited to your individual situation, needs and concerns. You may prefer a 6 year or lifetime policy if you have substantial income and want to protect your income from being used up to pay for long term care costs. I don't sell long term care insurance, but I often recommend long term care insurance as a part of estate planning for my clients and am very familiar with the various options you have available to you. I am available to explore this area in greater detail with you. I offer a free initial office conference to discuss your particular situation.
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