North Dakota has approved Partnership for the new MutualCare® Solutions (LTC13) product. Click here for the full Mutual of Omaha bulletin on this.
The following state has gained partnership status and will be implemented: North Dakota.
The Partnership Program is designed to enable those who have purchased a qualifying policy to protect their assets from Medicaid spend-down requirements on a dollar-for-dollar basis, equal to the amount of any long-term care insurance benefits received. An individual who purchases a qualifying Partnership policy must first exhaust their policy benefits before being eligible to qualify for Medicaid benefits, to cover ongoing care. In order for the LTC policy to qualify, certain policy conditions must be satisfied.
- The policy must be tax qualified. Mutual of Omaha’s tax-qualified coverage meets this requirement
- The insured must be a resident of the state where the policy is purchased at the time the Partnership policy is purchased
- The policy must offer inflation protection based on specific age brackets at time of purchase
Mutual of Omaha has filed for Partnership in all states where MutualCare® Solutions is approved and Partnership is available. You will be notified as approvals are received.