Long Term Care Insurance Ohio

The Partnership for Long Term Care Insurance Ohio is an initiative between the State and private insurance companies to encourage Ohioans to plan for their long-term care needs. The partnership established “partnership policies” which provide coverage for long-term care needs and also allows Ohioans the ability to obtain “Medicaid Asset Protection” – a benefit not available with other policies sold in Ohio.

How did the partnership programs begin?

Partnership programs began in 1992 in four states (CA, CT, IN, NY) as Robert Wood Johnson Foundation Grants. Results from the piloted partnerships show increases in the sale of affordable, high-quality private long-term care insurance to moderate-income consumers most likely to deplete assets and rely on Medicaid for long-term care.  The Deficit Reduction Act of 2005 allows states to pursue public-private partnerships for long-term care insurance coverage aimed at providing options to consumers under certain conditions. Ohio Revised Code (ORC) 5111.18 required the Ohio Department of Job and Family Services, (ODJFS) to establish a partnership for long-term care insurance by September 1, 2007.

What is Medicaid Asset Protection?

This benefit is only available to those who purchase “qualified partnership policies.”  Medicaid asset protection simply allows Medicaid applicants to keep more assets and still potentially qualify for Medicaid coverage. Upon application for Medicaid, the total assets a person may keep is the combined total of the Medicaid asset limit and the total amount paid by a partnership policy. (See example below.)  Partnership policyholders who need Medicaid to help pay for long-term care can apply at any time. Ohio’s Medicaid program can help pay the difference between what the policy covers and what is owed, or provide assistance once the policy is exhausted. In both cases, the benefit of Medicaid asset protection will be provided. The more the partnership policy pays, the higher the asset protection.

How does Ohio’s partnership program work?

For example, a single individual whose partnership policy has paid $100,000 toward nursing home or community-based long-term care would potentially be able to obtain Medicaid coverage and still retain $101,500 worth of assets.

What are the features of Ohio’s partnership program?Long Term Care Insurance Ohio Program Photo

Ohio’s partnership program includes the following features:

  • Medicaid Asset Protection
  • Long-term care insurance policies that offer enhanced inflation protection
  1. For ages 60 or younger – includes a compound inflation benefit (a minimum of three percent compound or consumer price index)
  2. For ages 61 – 75 – includes some form of an inflation benefit (a minimum of three percent simple or consumer price index)
  3. For ages 76 and older – no purchase of an inflation benefit is necessary
  • Ability to exchange certain policies purchased on or after August 12, 2002 for a qualified partnership policy
  • Reciprocity with states interested in allowing buyers to claim Medicaid Asset Protection in a state other than the one in which the Partnership was purchased.
  • Support for the ability to access Medicaid even when the partnership policy is not exhausted.This consumer guide contains information about long-term care options and long-term care insurance buying tips.

SOURCE:  Ohio Department of Insurance


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