Page 63 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

What is That Partnership Thing? 45 Chapter 8 What is That Partnership Thing? ote: The following information applies to the state of Indi- Nana. If you live in a different state, ask your Long Term Care Planning Advisor if your state has a partnership program. The Indiana Partnership for Long Term Care is a three way partnership between an individual, an insurance company and the state of Indiana. It began in 1993 when Indiana was one of four states that participated in a “pilot” program to determine if such a partnership would work. The results were so favorable that in 2006 the program was expanded to other states and, as of today, over 35 states have their own long term care partnership programs. Here are the basics: First, you purchase a Long Term Care Insur- ance policy that meets certain requirements and is approved by the State of Indiana for the Indiana Partnership program. If the benefts of that policy run out before your need for care ends, you may apply for long term care benefts under Medicaid without the required spend down of most of your assets that was mentioned in the section on Medicaid. You may keep part or all of your assets depending on the amount of beneft originally purchased. If you purchase a beneft limit that meets or exceeds the limit required for total asset protection and includes 5% compound infation protection, then you may protect all of your assets from Medicaid spend down. The beneft amount required for total asset protection in 2013 for Indiana is $291,050. If you purchase a beneft