LifeSecure Insurance Company says 6 states have approved its partnership long term care insurance policies.
LifeSecure, Brighton, Mich., a subsidiary of Blue Cross Blue Shield of Michigan, Detroit, says the policies have been approved by regulators in Colorado, Florida, Nebraska, Ohio, Oregon and South Dakota.
LTC partnership policies permit individuals who exhaust private LTC insurance benefits to protect some of their assets before drawing on Medicaid nursing home benefits.
Medicaid rules normally require consumers to spend all but $2,000 of their assets before it will pay their nursing home bills.
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