Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance > Term Insurance

Missouri To Start LTC Partnership Program

Your article was successfully shared with the contacts you provided.

Show Me State officials are ramping up a program that will enable holders of some private long term care insurance policies to coordinate benefits with Medicaid nursing home benefits.

Missouri will launch its Missouri Long-Term Care Partnership Program Aug. 1.

One program feature will allow holders of newer, recently purchased LTC insurance policies to exchange their plans for partnership plans.

Residents who bought LTC insurance policies that meet partnership program requirements before Feb. 8, 2006, can have the carriers add partnership benefits to their policies at no additional charge, officials say.

But Missouri insurance regulators note that producers in the state must make sure that a partnership program policy is suitable for a customer before telling the customer to exchange an existing policy for a partnership policy.

Producers who want to sell partnership policies in Missouri must get 8 hours of partnership program training.

The Missouri partnership program permits holders of partnership program policies to protect a dollar of assets for every dollar of qualified private LTC insurance benefits purchased, officials say.

In the past, Missouri residents had to spend all but $999.99 in assets before qualifying for Medicaid nursing home benefits.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.