New York State Partnership for Long-Term Care

This information was taken from the New York State website:

The New York State Partnership for Long-Term Care is a unique program combining long-term care insurance and Medicaid Extended Coverage. Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care or assisted living services someday. The program allows New Yorkers to protect some or all of their assets (resources), depending on the insurance plan purchased, if their long-term care needs extend beyond the period covered by their private insurance policy.
If you buy New York State Partnership for Long-Term Care insurance from participating insurers ( check us at www.MintcoFinancial.com and we can help you to find out the cost for you), use the benefits according to the conditions of the program, and you are a New York State resident, you can apply for New York State Medicaid Extended Coverage which may assist in paying for your ongoing care. Unlike regular Medicaid, Medicaid Extended Coverage allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar Asset Protection plan or a Total Asset Protection plan. However, your income is countable in determining your eligibility for Medicaid Extended Coverage.
The Partnership was created to help New Yorkers finance long-term care without impoverishing themselves or signing over their life savings, with the accompanying loss of dignity. In the long run, the program will help reduce New York's Medicaid long-term care expenditure - over $9 billion in 2003. The Partnership offers New Yorkers and New York State a better alternative.
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