Frequently Asked Questions
Click on a question.
1. Why are the policies that qualify under the Indiana Long Term Care Insurance Program called Indiana Partnership policies?
2. When did Indiana Partnership policies first become available for purchase?
3. If I own a long term care insurance policy that was bought prior to May 1993, is it grandfathered into being an Indiana Partnership policy?
4. If I own a long term care insurance policy that was bought prior to May 1993, can a rider of some sort be added to the policy to make it qualify as an Indiana Partnership policy?
5. Do the insurance companies that have an Indiana Partnership long term care insurance policy market only that policy?
6. How do I know whether my policy qualifies as an Indiana Partnership policy?
7. I own a long term care insurance that is not an Indiana Partnership policy and bought it in 1995. The agent who sold it to me didn’t mention the Indiana Long Term Care Insurance Program at all in our discussions. Is this illegal?
8. What is Medicaid Asset Protection?
9. Does the Medicaid Asset Protection feature make Indiana Partnership policies more expensive than traditional long term care insurance policies?
10. How do I know how much asset protection an Indiana Partnership policy will provide?
11. What is the State-set dollar amount for 2007?
12. What about income? Is it protected under an Indiana Partnership policy?
13. If I have a savings account that earns interest, is the entire account considered an asset by Medicaid?
14. I purchased an Indiana Partnership policy in 1995 that had coverage of $140,000. What type of asset protection will it earn?
15. I live in Florida for six months of the year, and in Indiana the other six months. Can I purchase an Indiana Partnership policy?
16. I bought an Indiana Partnership policy in 2001. Will my policy pay benefits if I move to Arizona?
17. Do all Indiana Partnership policies look the same?
18. Do all Indiana Partnership policies have to include home care?
19. If this Program is such a good thing, why have only four states developed such a Program?
20. Can I take a tax deduction for my Partnership policy?