An article from Tucson, Arizona this morning reminded me that we needed to post an announcement here that Arizona is now a Long Term Care Insurance Partnership state.

What does Partnership Mean, Anyway?

We wrote an article in 2007 (link) that outlined some of the basics of the various Partnership plans.  In a nutshell, Partnership plans are designed by the states to encourage middle-income citizens to purchase Long Term Care Insurance.  In Arizona, the program provides access to Medicaid in an accelerated fashion for those who have assets.  There are plenty of caveats that come along with the program, so you'll want to review all of the rules.  But, in general, here are a few pointers:

• You may shield up to the same dollar amount as your Long Term Care Insurance policy has paid out.  For someone purchasing an average plan today (5 yrs, $150/day), that will be well over $1,000,000 in asset protection in 30 years. 
• You will need to purchase inflation protection, subject to age limitations.
• You will still have to meet all other Medicaid qualifications.