MedAmerica Insurance Company is selling a long term care partnership policy in South Dakota that offers holders cash payments for long term care.
MedAmerica, a unit of Lifetime Healthcare Inc., Rochester, N.Y., has added partnership benefits to Simplicityii LTC insurance policies sold in the state. MedAmerica also offers the same policy in a number of other states that have LTC partnership programs, the company says.
Partnership policies permit individuals who exhaust private LTC insurance benefits to protect some of their assets before drawing on Medicaid nursing home benefits.
The Simplicityii policy pays a monthly cash benefit into an account that a claimant can use to pay for any LTC services that might be needed.