New York State Partnership for Long-Term Care
What is the Partnership?
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). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long-term care needs extend beyond the period covered by their policy.
What does this mean to you?
If you buy NYSPLTC insurance and use the benefits according to the conditions of the program, you can apply for MEC, which may assist in paying for your on-going care. Unlike regular Medicaid, MEC allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar Asset Protection plan or a Total Asset Protection plan. However, MEC does require that you contribute your income to the cost of your care according to Medicaid income rules.
How is the NYS Partnership a win-win situation?
NYSPLTC helps New Yorkers pay for their long-term care without having to “spend down” their assets, as they would have to do if they relied totally on Medicaid to pay for their long-term care. By allowing New Yorkers to keep what they've worked hard to acquire, and reducing Medicaid costs for the State, NYSPLTC provides a win-win scenario for everyone.
Long term care insurance premium rate increases are filed with and approved by the New York State Department of Financial Services. New York State regulations require insurance carriers to support requests for rate increases with actuarial justification. Insurers have the responsibility of pricing and determining the rates that need to be charged in order to meet future claim obligations. For rate increase questions, please contact the Consumer Assistance Bureau at the New York State Department of Financial Services at 1-800-342-3736.
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