In the state of Oklahoma, we have what is called the Oklahoma Long-Term Care Partnership Program. The Oklahoma Long-Term Care Partnership Program is important. Long term care policies that are partnership policies can protect additional resources from Medicaid spend down.
The Oklahoma Administrative Code at 317:35-19-20(6)(A) http://sos.ok.gov/oac/ ]
provides: “For an institutionalized individual, the look-back date is 60 months before the first day the individual is both institutionalized and has applied for medical assistance. However, individuals that have purchased an Oklahoma Long-Term Care Partnership Program approved policy may be completely or partially exempt from this Section depending on the monetary extend of the insurance benefits paid.”
This code is saying that if an individual has purchased an Oklahoma Long-Term Care Partnership Program policy they will be completely or partially exempt from the 60 month lookback for transfer of resources for the amount of the policy. This would allow resources equal to the approved long term care policy to be protected from a Medicaid transfer penalty.
We have recently learned that “John Hancock is the third party administrator for the federal long term care program. The program is underwritten and filed by the federal government. The telephone number to reach the federal program is (800) 582-3337.” When the federal program was called they were very clear that the federal program is not partnership qualified.
So, it would seem that the federal government gives (Medicaid regulations authorizing partnership policies) and takes away (its own policies for federal employees are not partnership programs). We call people like that hypocrites!
The Oklahoma Long-Term Care Partnership is a program in the Medicaid regulations, established by the Oklahoma Health Care Authority, and the Oklahoma Insurance Department. High quality long-term care insurance that is available through this program. If you are getting ready to buy long term care insurance, it would be best to buy a partnership policy. If you are interested in a partnership qualified policy, John Hancock and other insurance companies have individual long term care qualified partnership policies.
Brent D. Coldiron is an experienced elder law, probate, guardianship, trust, will and Medicaid attorney. He may be reached through his website http://coldironlaw.com ;by telephone (405) 478-5655 or 737-2244. He knows how to protect you. He is an expert. Benefit from his legal advice.