Genworth Financial's long term care insurance business has launched Partnership Qualified Long Term Care Insurance in Colorado, US.
Genworth has said that these products, designed to augment individuals’ financial security options during retirement, are the result of an alliance between states and insurers to help millions of Americans better prepare for potential long term care needs.
Partnership Qualified Long Term Care Insurance (partnership plans) provide dollar-for-dollar asset protection for policyholders. For every benefit dollar policyholders receive under a partnership policy, they receive an equal dollar of asset protection under the state’s Medicaid spend-down requirements. As a result, participants are able to retain assets that would otherwise have to be spent down prior to qualifying for Medicaid benefits.
Beth Ludden, senior vice president for long term care insurance product development at Genworth, said: Many Americans mistakenly believe that Medicare or private health insurance will pay for their long term care needs, and that’s just not true. Those purchasing a partnership plan can be assured that if and when the need for long term care arises, they will have more control over their long term care decisions, and be able to help protect their assets and resources should they ever need to access Medicaid.