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Saturday, July 4, 2015

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Minnesota Long Term Care Partnership

The Minnesota Long Term Care Partnership is a public/private arrangement between long-term care insurers and Minnesota’s Medical Assistance program. It enables Minnesota residents who purchase certain long-term care insurance to have more of their assets protected if they later need the state to help pay for their long-term care. Minnesota is using this approach to give persons greater control over how they finance their long-term care and to help shore up the public safety net against coming demographic pressures. Learn more

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)