Texas Long-Term Care Partnership Program Insurer Certification Form
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How to fill out Texas Long-Term Care Partnership Program Insurer Certification Form?
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FAQ
The Partnership Program is a partnership between state government and private insurance companies to assist individuals in planning their long-term care needs.
Long-term care provides services that help people with chronic conditions overcome limitations that keep them from being independent. It helps individuals maintain their level of functioning, rather than improving or correcting medical conditions.
Partnership long term care insurance plans are provided by most private long term care insurance companies and work exactly the same as non-partnership programs. The only difference is that State Partnership Program must meet the standard requirements outlined by the federal Deficit Reduction Act of 2005.
Simplified translation: People who purchase a Partnership-qualified LTC insurance policy can protect their own personal assets?up to an amount that is roughly equivalent to the coverage provided by the policy?and still qualify for Medicaid if/when their long-term care policy runs out and they otherwise exhausted most
Texas created the Long-Term Care Partnership Program as an incentive for Texans to plan for their long-term care needs. The partnership is a joint effort between private insurers and the state. Insurers must follow state and federal guidelines to sell partnership policies.
Florida's Long-term Care Partnership Program is a partnership program between Medicaid and private long-term care insurers designed to encourage individuals to purchase private long-term care insurance.
Benefits of Long Term Care Partnership Programs. Participating in a LTC Partnership Program offers asset protection (protection of savings from the asset limit and protection from Estate Recovery of the home) to Medicaid applicants. To be clear, this program protects assets, not a Medicaid applicant's income.
The partnership-qualified policy must include inflation protection. This means that the available amount of benefits are adjusted as the cost of long-term care increases. Stated differently, the total amount the insurance company pays out might be higher than the benefit amount originally purchased.