What is a New York State Partnership Long Term Care Insurance Policy?

The New York State Partnership for Long Term Care is a New York state program through the Department of Health. The partnership combines private long-term care insurance and Medicaid Extended Coverage. The purpose of the program is to allow New Yorkers to protect their assets if they need more long-term care coverage than their insurance policy would provide.

Normally, people buy long-term care insurance to cover the cost of a nursing home. If they fail to buy a policy and need long-term care, they normally must pay out-of-pocket until their income and assets drop below certain levels, at which point Medicaid will pay for the nursing home.

However, this means that all of a senior’s assets which they’ve worked their entire lives for could be used to pay for the home, and therefore their heirs will not receive an inheritance.

However, New Yorkers are now allowed to buy New York State Partnership for Long Term Care (NYSPLTC) insurance policies. These policies are identified by a logo on the front page of the policy. With a NYSPLTC policy, if a nursing home is ever needed, the policy will pay out according to the terms of the policy. After the benefits have all been paid, Medicaid can be used to pay for the remainder of the care. The elderly individual’s assets will not be used, which will leave an inheritance for the children, grandchildren, or other heirs.

Obtaining a NYSPLTC policy is a great way to insure that your assets will not be exhausted by a lengthy nursing home stay. There are other ways to protect your assets as well. Call the New York Elder Law Attorneys at Friedman & Ranzenhofer at 716-542-5444. We will be happy to assist you with determining the ways in which your loved one can pay for his or her nursing home stay.

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