NYS Partnership For Long-Term Care
After working so hard and saving so long, the last thing you want to do is use a lifetime's worth of assets to pay for long-term care. Thankfully, that scenario doesn't have to be a certainty.
The professionals at the CNB Insurance Agency can tell you all about the NYS Partnership For Long-Term Care, a special program designed to assist you in planning for the costs of long-term care.
How does it work? The NYS Partnership offers 4 plans. Two offer total asset protection – Total Asset 50 and Total Asset 100 – and two offer partial asset protection – Dollar for Dollar 50 and Dollar for Dollar 100.
If you exhaust your benefits with the total asset protection plans, you can apply for Medicaid without having to spend-down your assets. They are totally protected and there are no look-back or penalty periods. You can make gifts or transfer your assets at anytime.
If you exhaust your Dollar for Dollar benefits and still need care, you can apply for Medicaid but the assets protected will equal the amount of benefits paid-out.
With all four plans, once you apply for Medicaid, you will have to contribute your income to the cost of your care according to Medicaid guidelines.
All four plans include a 5% compound inflation factor so that your benefits have value when you need them most and the NYS offers a 20% tax credit on the premiums.
The NYS Partnership offers an economical way for you to plan for your future long-term care needs and leave a legacy for your family.
If you would like additional information, please use the contact us form or if you would like to speak with a Insurance Professional, please call 585.394.4260 ext. 36150.