LifeSecure’s long term care insurance policy is fully approved as Partnership-qualified in twenty-seven states: Alabama, Arkansas, Arizona, Colorado, Delaware, Florida (for LTC I), Georgia, Idaho, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Washington, West Virginia and Wisconsin.
| For the states of: Alabama, Arkansas, Arizona, Delaware, Florida (for LTC I), Georgia, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Washington, West Virginia and Wisconsin – the qualifying LifeSecure plan designs are as follows:
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| For the state of: Colorado – the qualifying LifeSecure plan designs are as follows:
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For the state of: Idaho – the qualifying LifeSecure plan designs are as follows:
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PARTNERSHIP PROGRAM
WHAT IS IT?
In February 2006, President Bush signed into law the Deficit Reduction Act of 2005 which allowed, among other things, the expansion of the Long Term Care Partnership Programs. These alliances between state governments and private long term care insurance companies encourage people to purchase private long term care insurance and simultaneously protect some of their own assets and savings against Medicaid spend-down requirements.
HOW DOES IT WORK FOR CONSUMERS?
Consumers who purchase a Partnership-qualified policy from LifeSecure are able to protect a portion of their assets that they might otherwise have to “spend down” in order to qualify for Medicaid. The asset protection is provided on a dollar-for-dollar basis. For example, a consumer who purchases a LifeSecure policy with a benefit payout of $300,000 can protect $300,000 in personal assets above and beyond the assets he/she is allowed to keep under Medicaid eligibility requirements (around $2,000 for a single person).
WHAT DOES IT MEAN FOR LIFESECURE AGENTS?
LifeSecure agents selling in the states listed above can immediately sell LifeSecure Partnership-qualified LTC plans.
In Alabama, Arizona, Arkansas, Delaware, Georgia, Iowa, Louisiana, Missouri, Nevada, Ohio, Oklahoma, Oregon, Rhode Island, Tennessee, Washington and Wisconsin, the Agent is required to provide documents along with the Outline of Coverage at the time of solicitation. All required documents are included LifeSecure’s Regulatory Form packets for these states.
In each state, LifeSecure will automatically issue a state-specific Partnership Disclosure Notice with the policyholder’s Policy Welcome Kit.
Lastly, please pay attention to LTC/LTC Partnership Training requirements per state. Agents must meet their LTC/Partnership CE Training requirements prior to taking LTC applications. Regulations prohibit a company from accepting an application that qualifies for partnership from an agent who does not have proof of required training. Agents who do not submit proof of these LTC CE requirements will have their appointments terminated with LifeSecure.
All proof of LTC CE should be emailed to AgentSupport@yourlifesecure.com or faxed to LifeSecure Insurance at 810.220.4693. If you have questions, feel free to contact Agent Support Care line at (866) 582.7701.