Types of Partnership Plans
This chart illustrates the core benefits as well as the minimum daily benefit amounts associated with each Partnership policy type. In the plan names, the ‘50' means that the home care or residential care facility minimum daily benefit amount is 50% of the nursing home minimum daily benefit amount. The ‘100' means that the home care or residential care facility minimum daily benefit amount is equal to the nursing home minimum daily benefit amount. In the event a person has continuing long-term care needs beyond the minimum duration of a plan, he/she may apply for Medicaid Extended Coverage (MEC) which allows for the disregard of all or some of his/her assets. The last row of the table shows the level of asset disregard for each plan. To learn more about MEC, click here: Medicaid & the Partnership
| Plan Type | Total Asset 50 2/4/50 |
Total Asset 50 3/6/50 |
Total Asset 100 4/4/100 | Dollar for Dollar 50 1.5/3/50 |
Dollar for Dollar 100 2/2/100 |
|---|---|---|---|---|---|
| Nursing home coverage | 2 years at a minimum daily benefit amount of $387 (2024) | 3 years at a minimum daily benefit amount of $387 (2024) | 4 years at a minimum daily benefit amount of $387 (2024) | 1.5 years at a minimum daily benefit amount of $387 (2024) | 2 years at a minimum daily benefit amount of $387 (2024) |
| Home care coverage | 4 years at a minimum daily benefit amount of $193 (2024) | 6 years at a minimum daily benefit amount of $193 (2024) | 4 years at a minimum daily benefit amount of $387 (2024) | 3 years at a minimum daily benefit amount of $193 (2024) | 2 years at a minimum daily benefit amount of $387 (2024) |
| Assisted living facility coverage | 4 years at a minimum daily benefit amount of $193 (2024) | 6 years at minimum daily benefit amount of $193 (2024) (at a minimum, includes home care services received in an assisted living residence) | 4 years at a minimum daily benefit amount of $387 (2024) | 3 years at minimum daily benefit amount of $193 (2024) (at a minimum, includes home care services received in an assisted living residence) | 2 years at a minimum daily benefit amount of $387 (2024) |
| In the event both nursing home coverage & home care or assisted living facility coverage are used, 2 home care/assisted living facility days equal 1 nursing home day for the purpose of meeting Partnership utilization requirements. | In the event both nursing home coverage & home care coverage are used, 2 home care days equal 1 nursing home day for the purpose of meeting Partnership utilization requirements. | In the event both nursing home coverage & home care coverage are used, 2 home care days equal 1 nursing home day for the purpose of meeting Partnership utilization requirements. | |||
| Maximum daily benefit amount | None | None | None | None | None |
| Maximum plan duration | None | None | None | 2.5 years of nursing home coverage & 5 years of home care coverage | 3 years of nursing home coverage & 3 years of home care coverage & 3 years of assisted living facility coverage |
| Elimination period (Sometimes this period is defined as the waiting or deductible period.) | No greater than 100 days | No greater than 100 days | No greater than 100 days | No greater than 60 days | No greater than 60 days |
| Other Basic coverage (shared by all plans) | • 3.5% or 5% annual compounded inflation protection required at purchase ages 79 and younger • Care management services • 14 days of respite care per year • Nursing home bed reservation, 20 days per year • 60 day grace period to ensure the premium is paid if you have designated someone to be notified when you fail to pay your premium on time • Hospice care • Coverage of alternate level of care status in a hospital while awaiting nursing home placement or at-home services • Review of denied benefit authorization requests • Level premiums (individual policy premiums cannot be raised, but premium rates on a class basis may be raised with the approval of the New York State Department of Financial Services when the solvency of the class of policies is in question) • Portability—coverage under the private insurance can be used outside New York State |
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| Optional permissible coverage | • Waiver of premium
• Combined home and community-based care
|
• Greater benefit standards than basic policy coverage
• Combined home and community-based care
|
• Greater benefit standards than basic policy coverage
• Non-licensed/non-certified Provider or Non-licensed/non-certified caregiver • Combined home and community-based care • Permissible alternative benefits |
• Waiver of premium | • Waiver of premium
• Non-licensed/non-certified provider or non-licensed/non-certified caregiver • Combined home and community-based care • Permissible alternative benefits |
| Asset protection if meet the minimum duration requirement of policy & apply for MEC | Total | Total | Total | Partial depending on the amount of benefit paid | Partial depending on the amount of benefit paid |
Core Policy Benefits
Each core policy includes:
- Care management services
- 14 days of respite care per year
- Nursing home bed reservation, 20 days per year
- 60 day grace period to ensure the premium is paid if you have designated someone to be notified when you fail to pay your premium on time
- Hospice care
- Coverage of alternate level of care status in a hospital while awaiting nursing home placement or at-home services
- Review of denied benefit authorization requests
- Guaranteed renewable
- Level premiums (individual policy premiums cannot be raised, but premium rates on a class basis may be raised with the approval of the New York State Department of Financial Services when the solvency of the class of policies is in question)
- Portability—coverage under the private insurance can be used outside New York State
Please note:- Medicaid Extended Coverage does not add to the cost of policies; it is a state-added benefit.
- 20% New York State Tax Credit for Long-Term Care Insurance Premiums
- How much is the credit? The allowable credit is 20% of the premiums paid during the tax year for purchase of, or for continuing coverage under a qualifying long-term care insurance policy. As of 2020, the credit amount cannot exceed $1,500.
- Who is eligible? This credit is available to anyone paying long-term care insurance premiums, including children who pay for coverage on behalf of their parents when they file a New York State income tax return. Note: Individual taxpayers may claim the credit if the taxpayer's New York adjusted gross income is less than $250,000. This amount remains the same for married couples filing a joint tax return.
- Federal Tax Deduction: The premiums charged for tax-qualified policies are treated as medical expenses for purposes of itemized deductions up to certain dollar limits that are indexed annually.
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