New York State Partnership For Long Term Care
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How to fill out New York General Partnership Package?
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FAQ
Partnership policies protect assets This type of long-term care policy lets you protect more of your assets (money in the bank, investments, a house) if you require long-term care, run out of money, and need to apply for Medicaid. These policies must meet minimum benefit requirements of state and federal governments.
Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care or assisted living services someday.
Long-term Care Rider (LTC) This rider helps the policyholder access the sum assured while they are alive and need it for medical expenses. This amount may be paid as a lump sum or there might be reimbursement towards the expenses made. These are extremely beneficial to meet the high cost of treatment at the moment.
When you need care, your Partnership policy pays for your care in the same way other policies would. But unlike a non-Partnership policy, each dollar your Partnership policy pays out in benefits entitles you to keep a dollar of your assets should you ever need to apply for Medi-Cal.
The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC).