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Dec-27-2007 14:42printcomments

New Insurance Policies Protect Assets for Medicaid

In Oregon, Partnership policies will be sold through private insurance companies and agents licensed by the Insurance Division.

stethoscope and money

(SALEM, Ore.) - Insurers will begin offering Oregon residents a new kind of long-term care insurance policy after January 1st 2008, that will allow them to protect their assets if they ever need to apply for Medicaid.

The new Qualified Partnership Policies are intended to encourage individuals to purchase long-term care insurance by offering asset protection for benefit amounts received under a policy. Assets are excluded that may otherwise be counted when qualifying for Medicaid.

Each dollar that a Partnership policy pays out in benefits entitles the beneficiary to keep a dollar of assets if the beneficiary applies for Medicaid.

Additionally, excluded assets aren't subject to estate claims by the State of Oregon and will be available for distribution to heirs.

Qualified Partnership Policies purchased in one state are transferable from state to state if the other state has a Partnership program and accepts out-of-state policies.

Senate Bill 191, approved by the 2007 Legislature, allows Oregon to participate in the Long-term Care Partnership Program, which was authorized under the federal Deficit Reduction Act of 2005.

The Department of Human Services and the Insurance Division of the Department of Consumer and Business Services will administer the program.

In Oregon, Partnership policies will be sold through private insurance companies and agents licensed by the Insurance Division.

For more information about Partnership policies or other insurance questions or complaints, contact the Insurance Division's Consumer Advocacy Unit at 1-888-877-4894 or online at www.insurance.oregon.gov/. For more information about Medicaid qualifications, contact DHS at 1-800-282-8096 or online at oregon.gov/DHS/healthplan/app_benefits/main.shtml.

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mecloddedia October 15, 2008 8:15 pm (Pacific time)

Interesting to know.

Neal Feldman December 28, 2007 11:00 am (Pacific time)

Personally I think it is incredibly lame policy to swipe the meager estates of the poor who have to access medicaid (do it or die... nice choice huh?) while at the same time doing away with inheritance taxes on the uber-rich. So basically what we are left with in this policy is nothing but an inheritance tax on the poor but not on the rich... on those least able to pay instead of on those most able to pay. How in the world does that make any sense? It is mean spirited and incredibly petty if you ask me and I figure it will not be long until the policy goes away anyway. And if you are so poor you are on medicaid how do you afford this insurance? Ah well...

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