North Carolina Long-Term Care Partnership Program

 

The North Carolina Long-Term Care Partnership Program was developed to encourage the aging residents of North Carolina to purchase LTC Insurance while providing them with consumer protection. This NC Partnership Program became available January of 2011. This will allow for consumers the option to exempt a portion of their assets from Medicaid spend-down requirements while protecting the same amount.

The North Carolina Partnership Program works in the same manner as most the other Partnership Programs - the private Long-Term Care Partnership Policy pays for the care and when all of these benefits are used up and the policy owner would like to apply for Medicaid for further coverage, Medicaid will disregard the exact dollar amount of assets that was paid by the Insurance company. For example, say one were to receive $250,000 of benefits from their NC LTC Insurance Partnership policy, they would be able to protect up to $250,000 in assets should they need to apply for Medicaid for further care.

The North Carolina Partnership Program does require that some form of inflation protection is included on the policy for the consumers protection. In addition, NC does participate in reciprocity, therefore a qualified Long-Term Care Partnership Policy issued in another state would be recognized if that individual later moved to North Carolina (if the other state offers reciprocity with NC).

The average costs of care on a daily basis in the state of NC are listed below:

Homemaker Services
$103
Home Health Aide
$110
Adult Day Care
$52
Assisted Living Facility
$95
Nursing Home, Private Room
$210
Nursing Home, Semi-Private Room
$190

*This information came from the Genworth 2012 Cost of Care Survey.

To learn more about North Carolina's LTC Insurance Partnership Program, complete this request and we will put you in touch with a licensed specialist!