Exemptions to the Individual Mandate
There are some cases where there is no penalty to not having coverage.
The Long-Term Care Partnership program is a public/private cooperative program that allows states to be designated as Partnership states under the Deficit Reduction Act of 2005. Insurance policies must meet the state and federal Partnership requirements.
People who purchase qualifying long-term care policies, after depleting their insurance benefits, may still qualify for Medicaid, provided they meet all other Medicaid eligibility criteria.
For most people, the benefits of their private Partnership insurance policy will provide all the care they will ever need. However, because of the unique asset protection feature of this program, you won’t have to impoverish yourself if you run out of insurance benefits and still need care:
The initiative benefits you by protecting your assets for your own use.
Insurance companies benefit because the initiative encourages the private funding of long-term care.
Also, the state benefits because Medicaid dollars are saved when Kansans fund their long-term care needs with private insurance.
The Long-Term Care Partnership program provides dollar-for-dollar asset protection. Each dollar that your Partnership policy pays out in benefits entitles you to keep a dollar of your assets if you ever need to apply for Medicaid services.
To qualify for Partnership benefits, long-term care insurance policies must have been purchased on or after April 1, 2007.
You can find more information about Partnership plans, as well as a link to companies with approved Partnership endorsements, click here!
This article is published on KansasMoney.gov. Find more information by contacting these state agencies: