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The partnership program is a Long Term Care Insurance plan designed to help protect the assets of consumers while financing costs for Long Term Care expenses. The plan originated with the Robert Wood Johnson Foundation and is based on cooperation between New York State and private insurance companies. The Partnership program policy is a combination of private insurance and Medicaid financing. Once benefits of the private policy are exhausted, policyholders are eligible for Medicaid without regard to their assets. While assets are exempt, income must be contributed toward the cost of care once a policyholder goes on Medicaid.
The partnership is an ideal plan for people with high assets and relatively low fixed income (pensions and social security). There are also other factors involved in determining whether the partnership is an appropriate type of coverage. To be sure that the partnership is your best option, it is important to work with a knowledgeable, professional LTC planner.
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