Government Long Term Care Programs
Advantages of Long-Term Care
Long Term Care Partnership policies are tax-qualified plans that include specific policyholder protections by federal law. These plans must present inflation protection, allowing benefits to increase against cost of care over time.
The LTC partnership program provides an option to spending down or transferring benefits by forming a relationship between Medicaid and private long term care insurers.
After private LTCi benefits are exhausted, specific Medicaid eligibility rules are applied if further coverage is needed.
Essential Elements of Long-Term Care Partnership Policies
LTCi Policies must be tax-qualified plans.
LTCi Policies must provide inflation protection:
Those under age 61 at date of purchase must have compound inflation protection.
Those at least 61 years of age, but under age 76, must have some level of inflation protection.
Those over age 76 may have, but are not required to have, inflation protection.
2022 Guide Tax Breaks & Incentives Long Term Care Insurance
Check out 2022 LTCi Tax Guide to help you understand what incentives are available both in the federal tax code and in most states
Federal Long Term Care Insurance Program
The Federal Long Term Care Insurance Program (FLTCIP) is sponsored by the U.S. Office of Personnel Management (OPM) and is insured by John Hancock Life & Health Insurance Company, one of the nations leading insurance carriers.