LifeSecure’s long term care insurance policy is fully approved as Partnership-qualified in twenty-seven states:
Alabama, Arkansas, Arizona, Colorado, Delaware,
Florida (for LTC I), Georgia, Idaho, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota,
Ohio, Oklahoma, Oregon, Rhode Island, South Dakota,
Tennessee, Texas, Washington, West Virginia and
Wisconsin.
For the states of: Alabama, Arkansas, Arizona, Delaware, Florida (for LTC I), Georgia, Iowa, Kansas, Louisiana, Minnesota,
Missouri, Montana, Nebraska, Nevada, North Dakota,
Ohio, Oklahoma, Oregon, Rhode Island, South Dakota,
Tennessee, Texas, 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: Colorado – the qualifying LifeSecure plan designs are as follows:
Age At Time of Purchase:
60 and under
Qualified Plan Designs:
A plan that includes LifeSecure’s 5% Compound
Inflation Protection Option
Age At Time of Purchase:
61 to 75
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,
Louisiana, Missouri, Nevada, Ohio, Oklahoma, Oregon,
Rhode Island, Tennessee, Washington and Wisconsin,
the Agent is required to provide documents along with
the Outline of Coverage at the time of solicitation.
All required documents are included LifeSecure’s
Regulatory Form packets 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 LTC/LTC Partnership
Training requirements per state. Agents must meet their LTC/Partnership CE Training requirements prior
to taking LTC applications. Regulations prohibit a company from accepting an application that qualifies for partnership from an
agent who does not have proof of required training.
Agents who do not submit proof of these LTC CE
requirements will have their appointments terminated
with LifeSecure.
All proof of LTC CE should be emailed to AgentSupport@yourlifesecure.com or
faxed to LifeSecure Insurance at 810.220.4693. If you have questions, feel free to contact Agent Support Care line at (866) 582.7701.
For Agent Use Only. Not for Solicitation Purposes.
