Some long term care insurance policies sold in Michigan may qualify for the Michigan Long Term Care Partnership Program provided certain criteria are met. Those policies that do qualify for the partnership program can protect the policyholder’s assets through what’s known as “asset disregard” under Michigan’s Medicaid program. Asset disregard means that the policyholder’s assets equivalent to the benefits received under a partnership qualified long term care policy will be disregarded for purposes of Medicaid eligibility. If you apply for and are approved for long term insurance coverage, the company will provide you with written documentation as to whether your policy qualifies for the partnership program.
The asset disregard feature of a qualified partnership program policy is an attractive feature when considering whether to purchase long term care insurance. An experienced elder law attorney can help you determine what type of policy is best for your needs.