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Monday, June 26, 2017

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Important!

Changes in Minnesota Long Term Care Partnership take effect July 1, 2015

The 2015 Minnesota legislature made three changes to the Minnesota Long Term Care Partnership program that became effective on July 1, 2015.

The minimum inflation protection percentage was changed from 3% to 1% for a long-term care insurance policy to qualify as Partnership. This applies to policies sold on or after July 1, 2015. (Laws of Minnesota 2015, Chapter 59)

1. A long-term care policy that was issued before July 1, 2006 that otherwise meets all requirements for Partnership policy status will be considered qualified as a Partnership policy as long as no benefits have been paid out on the policy. (Laws of Minnesota 2015, Chapter 59)

2. For policies sold before July 1, 2006, a policyholder can make a written request to the issuer of the long-term care insurance policy to find out if the policy meets the requirements for a Partnership qualified policy.

3. For policies sold before July 1, 2006, the issuer of the policy must reply to the written request within 30 days. If the policy does qualify as Partnership, the issuer must add a rider, amendment, or disclosure statement to the policy to provide documentation of the Partnership policy status. (Laws of Minnesota 2015, Chapter 59)

Certifying existing policies

Insurers wishing to sell Minnesota Partnership coverage, including certificates issued under a group policy, must complete the “Minnesota Insurers’ Form for Certifying LTC policies as Partnership Compliant” contained in the certification bulletin issued 8/29/07 and submit it using the NAIC’s System for Electronic Rate and Form Filing (SERFF).

Exchanging existing coverage

Minnesota law (M.S. 62S.24 subd. 8) allows for the “exchange” of existing policies and certificates that were in force on or after the official Partnership program start date of July 1, 2006. Full details are included in the exchange bulletin issued 10/8/07.

Insurers’ training responsibilities

As required under Minnesota Statutes (M.S. 60K.365), an insurer offering long-term care policies in Minnesota must maintain records verifying that its producers – both resident and non-resident – have received the required training in either Minnesota or another state. These records must be made available to the Department of Commerce upon request. Additional details are included in the agent training bulletin.

Insurers selling coverage

About 60 insurers sell long-term care insurance in Minnesota. To sell Partnership coverage, insurers must have their policy filings certified by the State. To view this list, go to MinnesotaHelp.info® and search on “Long Term Care Partnership insurance companies.”

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