Ive heard that a law was recently passed that makes Partnership Programs more widely available now. What is that law and what does it do?
The Federal Deficit Reduction Act of 2005 (DRA), signed into law by President Bush on February 8, 2006, tightens Medicaid long term care eligibility rules while allowing for the nationwide expansion of the Long Term Care Insurance Partnership Program and asset protection on a dollar-for-dollar basis. This means that for each dollar of benefits paid under the policy, the individual will get one dollar of asset protection, up to the maximum benefits paid out under the policy. Each state can elect to implement a Partnership Program for the citizens of that state. The DRA does not require states to participate. In turn, insurance companies need to decide if they will offer partnership policies and the policies must be certified as qualifying as partnership policies.
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