Long Term Care Partnership (LTCP) Program
The Tennessee Long Term Care Partnership (LTCP) Program, which went into effect on October 1, 2008, changed the face of long-term-care insurance for people who may one day need Medicaid to pay for nursing home care. The program allows people who buy LTCP-approved long-term-care insurance policies to qualify for Medicaid and still exempt forever a sizable portion of their assets from spend down.
The purpose of the program is to encourage individuals to buy long-term-care insurance, which will reduce the government's financial burden in paying for nursing home care. The incentive for the policy holders is that for every dollar that their long-term-care policies pay for their care, they are allowed to keep a dollar of countable assets and still qualify for Medicaid. The exempted assets will never be used when the person's Medicaid eligibility is determined, nor during estate recovery when the person dies. For more information, go to the Tennessee Department of Commerce and Insurance web site.
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