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Re: LTC Partnership

Posted by Arthur on June 27, 2002 at 13:42:27:

In Reply to: LTC Partnership posted by Peggy on June 26, 2002 at 16:58:40:

Peggy;
Scott's explanation regarding the Partnership Plan is correct, however, that's only true for 3 states: CT, IN, & Ca. In NY, once the benefits of the policy are exhausted (after 3 yrs. in a facility or 6 yrs. of home care), 100% of a person's assets are protected. The other states allow you to protect only the amount of asstes that are covered by the policy. Therefore, in CA (Scott's example) if his mom had $500,000 in assets and she purchased the same policy @ $140/day, she would be allowed to protect only $153,000. She would have to spend down all of her other assets until she reached the $153,000 level. NY by far, has the best Partnership Policy available.It gives 100% asset protection for life.
Arthur

Follow Ups:

Re: LTC Partnership : Peggy; : Scott's explanation regarding the Partnership Plan is correct, however, that's only true for 3 states: CT, IN, & Ca. In NY, once the benefits of the policy are exhausted (after 3 yrs. in a facility or 6 yrs. of home care), 100% of a person's assets are protected. The other states allow you to protect only the amount of asstes that are covered by the policy. Therefore, in CA (Scott's example) if his mom had $500,000 in assets and she purchased the same policy @ $140/day, she would be allowed to protect only $153,000. She would have to spend down all of her other assets until she reached the $153,000 level. NY by far, has the best Partnership Policy available.It gives 100% asset protection for life. : Arthur

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