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Important Points
- The Indiana Long Term Care Insurance Program is also known as the
Partnership."
| Partners are: |
Public Sector |
- State of Indiana thru the Departments of Medicaid &
Insurance |
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Private Sector |
- Long Term Care Insurance Companies |
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- Agents |
- State adds unique benefit to Partnership policies: Medicaid Asset
Protection.
This State-added feature does not affect the price of the policies.
- Medicaid Asset Protection: a minimum of $1 of asset protection is
earned for every $1 of benefits used under a Partnership policy. There
are two types of asset protection: Total and Dollar-for-Dollar. Persons who
initially purchase coverage equal to, or greater than, the State-set dollar
amount in force for that calendar year may earn total asset protection upon
exhaustion of the policy benefits. Those purchasing coverage less than the
State-set dollar amount will earn dollar-for-dollar asset protection. The $
amount of asset protection earned would be disregarded when determining the
person's eligibility for Indiana Medicaid assistance. Note: This is
asset protection; not income protection.
- Two types of policies available: Comprehensive and Facility-Only.
Comprehensive coverage, which companies must offer, includes nursing home
and home & community-based care. Facility-only policies provide coverage
for only institutional care.
- Benefits in the policy may be used in any state. However, to receive the
additional State of Indiana benefit of Medicaid Asset Protection, the person
must return to Indiana* when needing Medicaid assistance. (*Or live in a
state that has a reciprocal agreement with Indiana.
Connecticut is currently the only state with such an agreement.)
- All participating companies must have a policy available with a maximum
benefit equal to one year of nursing home care at the minimum daily benefit.
However, companies may offer any additional maximum benefit options they
desire.
- All ILTCIP policies include inflation protection at 5% compounded
annually in order to make the policy benefits meaningful over time.
- All ILTCIP policies use a state-defined benefit trigger. Therefore,
comparison shopping between policies is easier for potential purchasers.
- Federally tax-qualified ILTCIP policies are available.
- ILTCIP policyholders may take an Indiana tax deduction for premiums paid.
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