The New York State Partnership for Long Term Care (NYSPLTC) program helps residents plan for future long-term care needs. Combining private long-term care insurance with Medicaid Extended Coverage (MEC), it offers financial protection for nursing home care, home care, and assisted living services. Partnership policyholders can retain assets, depending on their policy type, under Medicaid if their care needs exceed their policy coverage. They can then apply for MEC to help cover ongoing expenses.
Key Features of the New York State Partnership for Long Term Care Program
The NYSPLTC program offers several benefits to New York residents:
- Asset Protection: Preserve assets under Medicaid if long-term care needs extend beyond the private insurance coverage. The amount of assets protected depends on the specific Partnership policy purchased.
- Medicaid Extended Coverage (MEC): Access to MEC for ongoing care expenses after exhausting private insurance benefits. This safety net ensures continuous coverage.
- Comprehensive Coverage: Addresses various long-term care needs, including nursing homes, home care, and assisted living facilities. This flexibility allows for personalized care solutions.
Important Updates Regarding the NYSPLTC Program
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Rate Increase Inquiries: Contact the New York State Department of Financial Services Consumer Assistance Bureau at 1-800-342-3736 for questions about long-term care insurance premium rate increases. These increases are reviewed and approved by the Department.
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Unavailability of New Policies: As of January 1, 2021, no new NYSPLTC policies are available for purchase in New York State. This pause in new policy offerings does not impact existing, active Partnership policyholders. They continue to receive full benefits according to their policy terms.
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Agent Training: Online training and certification for agents interested in the New York State Partnership program are available. Visit the NYS Partnership Agent Training website for more information. This resource ensures agents possess the knowledge to effectively assist individuals interested in the program.
Conclusion
The New York State Partnership For Long Term Care Program offers valuable benefits to residents planning for future long-term care needs. Although new policies are currently unavailable, existing policyholders continue to receive coverage. For inquiries about premium rate increases, contact the New York State Department of Financial Services. Information about the program and agent training is accessible online.
