Long Term Care Partnership
The Iowa Long Term Care Partnership Program was developed as a public-private partnership allowing you to pay for long term care through private insurance and Medicaid, without using all of your assets.
What is Medicaid?
Medicaid pays for medical services for people with limited income and resources. It is also known as Title 19. Nursing home and “home and community-based” long-term care are Medicaid covered services. The program is funded by federal and state governments and is managed by the Iowa Department of Human Services (DHS). To qualify for Medicaid, a person must meet specific income and resource limits. An individual would have to spend down all but $2,000 of their assets before qualifying for Medicaid.
What is the Long-Term Care Partnership?
The Iowa Long-Term Care Partnership program provides an alternative to depleting assets by forming a partnership between Medicaid and private long-term care insurers. People who purchase Long-Term Care Partnership policies may be able to qualify for Medicaid before spending all of their assets.
Partnership policies must meet state and federal requirements. They are only marketed by licensed insurance professionals who have completed eight hours of training required by the State of Iowa Insurance Division.
How does Medicaid asset protection work?
The most unique aspect of the Iowa Partnership policy is the Medicaid asset protection. This feature provides dollar-for- dollar asset protection. Each dollar that your Partnership policy pays out in benefits entitles you to keep a dollar of your assets if you ever need to apply for Iowa Medicaid long-term care services. Protected assets are not considered in determining Medicaid eligibility.
For more information on Iowa Long Term Care Partnerships and eligibility, click the link below to view the Consumer Guide
Available LTC Insurance and Partnership Plans
Click the link below to view and download a list of companies in Iowa selling LTC Insurance and Partnership Plans