Minnesota Long Term Care Insurance Partnership Program Information
The Minnesota Long Term Care Partnership Program is a joint effort between private long term care insurance companies and Minnesota's Medicaid/Medical Assistance Program. It aims to help Minnesotans acquire a Long Term Care insurance policy and keep more of their personal assets protected should they apply to Medical Assistance to receive ongoing care.
Medical Assistance (MA) is Minnesota's Medicaid program that provides varied health care services including long term care.
Unlike those of the other states that have Partnership Programs, the Minnesota Long Term Care Partnership program does not require minimum lifetime or daily benefits.
Below is the 2012 Minnesota median cost for care data as generated by Genworth Financial:
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Minneapolis - St. Paul - Bloomington||$25||$21||$3,215||$212||$220|
|Rest of State||$25||$21||$2,393||$170||$186|
Minnesota Medical Assistance & Partnership Program Requirements
Minnesota's Medical Assistance (MA) program can pay for the long-term care needs of the residents provided that they meet certain asset limits. The Minnesota Department of Human Services supervises the state's long term care Partnership Program which allows qualified policyholders to protect the amount of their assets that is equivalent to the total dollar amount that their policies have paid in benefits.
The following are the requirements an applicant must meet in order to qualify for the state's partnership program:
- The applicant must be "tax qualified" as defined in Section 7702B(b) of the Internal Revenue Code.
- The applicant must accomplish certain consumer protection requirements in Section 6021(a)(B)(5)(A) (Expansion of State Long-Term Care Partnership Program) of the Deficit Reduction Act of 2005 from the NAIC Model Act of 2000.
- The applicant must be a resident of Minnesota when the coverage became effective.
- The policy must have inflation protection if the applicant's age is below 76 years old. The Department of Commerce reviews and approves all applications for the long term care insurance partnership programs.
Inflation Protection Rules for Long Term Care Policies in Minnesota
For policyholders who are 61 years old, the inflation protection must provide compound annual inflation protection and must be carried forward until age 66 to be considered and to maintain Partnership status.
For policies sold to policyholders aged 61 to 75 years old, the inflation protection must remain for the first five consecutive years after the date of purchase, or until the age of 76, whichever comes first, before it can be considered valid protection and maintain Partnership status.
After the first five years, policies sold to persons 61 to 75 years old may, but is not required, to have inflation protection to maintain its Partnership status.
Fill out this short form to get your free quotes from all providers
We don't just offer one solution. We shop all of the major carriers in Minnesota to offer you the best price. With our 35+ years of Long Term Care insurance experience, we'll save you time and money on your Long Term Care Insurance quotes. We only use your personal information to formulate your quotes and discounts. We will also email you a complimentary copy of the 2011 NAIC Shopper's Guide to Long Term Care Insurance so you can learn even more about LTCi.