LifeSecure’s long term care insurance policy is fully approved as Partnership-qualified in thirty-three states:
Alabama, Arkansas, Arizona, Colorado, Delaware, Florida (for LTCI), Georgia, Idaho, Iowa, Kansas, Kentucky, Louisiana,
Minnesota, Missouri, Montana, Nebraska, Nevada, New
Jersey, North Carolina, North Dakota, Ohio, Oklahoma,
Oregon, Pennsylvania, Rhode Island, South Carolina,
South Dakota, Tennessee, Texas, Virginia, Washington,
West Virginia and Wisconsin.
For the states of: Alabama, Arkansas, Arizona, Colorado, Delaware, Florida (for LTC I), Georgia, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin – the qualifying LifeSecure plan designs are as
follows:
Age At Time of Purchase:
75 and under
Qualified Plan Designs:
A plan that includes LifeSecure’s 3% or 5% Compound
Inflation Protection Option
Age At Time of Purchase:
76 and over
Qualified Plan Designs:
Any LifeSecure plan design (does not require a Compound Inflation
Protection Option)
For the state of: Idaho – the qualifying LifeSecure plan designs are as follows:
Age At Time of Purchase:
75 and under
Qualified Plan Designs:
A plan that includes LifeSecure’s 5% Compound
Inflation Protection Option
Age At Time of Purchase:
76 and over
Qualified Plan Designs:
Any LifeSecure plan design (does not require a Compound Inflation
Protection Option)
PARTNERSHIP PROGRAM
WHAT IS IT?
In February 2006, President Bush signed into law the Deficit Reduction Act of 2005 which allowed, among other things, the expansion of the Long Term Care Partnership Programs. These alliances between state governments and private long term care insurance companies encourage people to purchase private long term care insurance and simultaneously protect some of their own assets and savings against Medicaid spend-down requirements.
HOW DOES IT WORK FOR CONSUMERS?
Consumers who purchase a Partnership-qualified policy
from LifeSecure are able to protect a portion of their
assets that they might otherwise have to “spend down”
in order to qualify for Medicaid. The asset
protection is provided on a dollar-for-dollar basis.
For example, a consumer who purchases a LifeSecure
policy with a benefit payout of $300,000 can protect
$300,000 in personal assets above and beyond the
assets he/she is allowed to keep under Medicaid
eligibility requirements (around $2,000 for a single
person).
WHAT DOES IT MEAN FOR LIFESECURE AGENTS?
LifeSecure agents selling in the states listed above
can immediately sell LifeSecure Partnership-qualified
LTC plans.
In Alabama, Arizona, Arkansas, Delaware, Georgia, Iowa,
Kentucky, Louisiana, Missouri, Nevada, Ohio, Oklahoma,
Oregon, Pennsylvania, Rhode Island, South Carolina,
Tennessee,Virginia, Washington and Wisconsin, the Agent is required to provide partnership-related
documents at the time of solicitation. All required
documents are included in LifeSecure’s Application
and/or Regulatory Form packets, as applicable, for
these states.
In each state, LifeSecure will automatically issue a
state-specific Partnership Disclosure Notice with the
policyholder’s Policy Welcome Kit.
Lastly, please pay attention to Long Term Care training requirements per state. Agents must meet their Long Term Care training requirements prior to taking LTC applications.
Regulations prohibit a carrier from accepting an
application that qualifies for partnership from an
agent who does not have proof of required partnership
training.
All proof of Long Term Care training should be emailed to AgentSupport@yourlifesecure.com or faxed to 810.220.4693. If you have questions, feel free to contact Agent
Support at (866) 582.7701.
For Agent Use Only. Not for Solicitation Purposes.
