Missouri Partnership for Long Term Care
Missouri is a Long-Term Care Partnership state.
This means if you buy a Partnership-qualifying LTC insurance policy in Missouri, and after going on claim you use up the benefits in your policy, you are eligible to protect your assets from the Missouri Medicaid spend-down equal to the total benefits paid by your Partnership LTC insurance - this is also called an "asset disregard". Partnership-protected assets are also not subject to Missouri's Medicaid Estate Recovery program after you die.
Provide for your care ... and for your heirs with a Missouri Partnership LTC insurance plan.
The "partnership" is between you the consumer, Missouri's Medicaid program, and a private insurance company authorized to sell Partnership-certified LTC insurance.
While there are some differences between states, Missouri's Partnership program is like most. Partnership LTC insurance must meet basic Tax-Qualified consumer protection requirements as spelled out by the Missouri Legislature and by HIPAA in the Federal Tax Code. Partnership LTC insurance covers both facility care and care in your own home. And most importantly, a Missouri Partnership LTC insurance policy must allow for policy benefits to increase for inflation.
However, you must make sure your Partnership policy's inflation benefit is properly designed. This is the key to a Missouri Long-Term Care Partnership plan.
Inflation benefits are the key to Partnership qualification.
Here's how it works. Your age on the date you apply for coverage determines what type of inflation benefit you must include if you want Partnership long-term care asset protection:
A "future purchase option" or "guaranteed purchase option" inflation benefit generally does NOT qualify for Partnership. These plans require you to pay additional premium every year (or every three years) to continue to increase your benefits for inflation. Even if the "purchase options" are automatically added, they still don't qualify because you can reject the increases.
(UPDATE: A few newer pay-as-you-go inflation options now qualify for Partnership in Missouri IF they price the increases on your original issue age (most don't). Always work with a Partnership-certified long-term care specialist who represents multiple companies and who will show you all of your options.)
There is no extra charge to have a Partnership policy. Think of it as "asset protection for free."
Long-term care insurance policy benefit options are the same price whether Partnership-qualified or not. And like all LTC insurance, you must medically qualify for coverage. Some on-going, progressive conditions are uninsurable. Request a quote. We represent multiple companies, and our experience allows us to work with complex medical histories - even if you've been declined before.
"What if I move to another state?"
Forty-one states now have Partnership plans. Missouri's Long-Term Care Partnership program reciprocates with all but one other state (CA). For example, Florida is a Partnership state that reciprocates like Missouri. If you buy a Partnership LTC policy in Missouri and move to Florida, you will receive Partnership asset protection from the state of Florida just like you would if you stayed in Missouri. See the Partnership reciprocity map here.
The Missouri Long-Term Care Partnership was effective for policies issued after February 1, 2006. Older policies were not grandfathered. Contact us if you have an older policy and are interested in Partnership long-term care asset protection.
WARNING: Newer "asset-based" or "linked-benefit" LTC insurance benefits that are attached to a life insurance policy or an annuity do NOT qualify for Partnership asset protection, even if the linked-benefit includes automatic inflation.
This means if you buy a Partnership-qualifying LTC insurance policy in Missouri, and after going on claim you use up the benefits in your policy, you are eligible to protect your assets from the Missouri Medicaid spend-down equal to the total benefits paid by your Partnership LTC insurance - this is also called an "asset disregard". Partnership-protected assets are also not subject to Missouri's Medicaid Estate Recovery program after you die.
Provide for your care ... and for your heirs with a Missouri Partnership LTC insurance plan.
The "partnership" is between you the consumer, Missouri's Medicaid program, and a private insurance company authorized to sell Partnership-certified LTC insurance.
While there are some differences between states, Missouri's Partnership program is like most. Partnership LTC insurance must meet basic Tax-Qualified consumer protection requirements as spelled out by the Missouri Legislature and by HIPAA in the Federal Tax Code. Partnership LTC insurance covers both facility care and care in your own home. And most importantly, a Missouri Partnership LTC insurance policy must allow for policy benefits to increase for inflation.
However, you must make sure your Partnership policy's inflation benefit is properly designed. This is the key to a Missouri Long-Term Care Partnership plan.
Inflation benefits are the key to Partnership qualification.
Here's how it works. Your age on the date you apply for coverage determines what type of inflation benefit you must include if you want Partnership long-term care asset protection:
- 60 and under: You must have a built-in, automatic compound inflation option of at least 3% (CPI-linked increases are OK)
- 61–75: Any built-in automatic inflation option qualifies (compound or simple) the increases can be as low as 1% (CPI-linked automatic increases are OK)
- 76 and over: Automatic inflation is not required
A "future purchase option" or "guaranteed purchase option" inflation benefit generally does NOT qualify for Partnership. These plans require you to pay additional premium every year (or every three years) to continue to increase your benefits for inflation. Even if the "purchase options" are automatically added, they still don't qualify because you can reject the increases.
(UPDATE: A few newer pay-as-you-go inflation options now qualify for Partnership in Missouri IF they price the increases on your original issue age (most don't). Always work with a Partnership-certified long-term care specialist who represents multiple companies and who will show you all of your options.)
There is no extra charge to have a Partnership policy. Think of it as "asset protection for free."
Long-term care insurance policy benefit options are the same price whether Partnership-qualified or not. And like all LTC insurance, you must medically qualify for coverage. Some on-going, progressive conditions are uninsurable. Request a quote. We represent multiple companies, and our experience allows us to work with complex medical histories - even if you've been declined before.
"What if I move to another state?"
Forty-one states now have Partnership plans. Missouri's Long-Term Care Partnership program reciprocates with all but one other state (CA). For example, Florida is a Partnership state that reciprocates like Missouri. If you buy a Partnership LTC policy in Missouri and move to Florida, you will receive Partnership asset protection from the state of Florida just like you would if you stayed in Missouri. See the Partnership reciprocity map here.
The Missouri Long-Term Care Partnership was effective for policies issued after February 1, 2006. Older policies were not grandfathered. Contact us if you have an older policy and are interested in Partnership long-term care asset protection.
WARNING: Newer "asset-based" or "linked-benefit" LTC insurance benefits that are attached to a life insurance policy or an annuity do NOT qualify for Partnership asset protection, even if the linked-benefit includes automatic inflation.
