PM 07-02-23-a: Identifying Partnership Policies

WAG 07-02-23-a.

A Partnership policy is a Third Party Liability (TPL) resource that covers long term care and in-home care services. Benefits may be paid to the client, the nursing facility, or to another person. A Partnership policy is identified by the following statement included in the policy "THIS POLICY (CERTIFICATE) IS APPROVED UNDER THE ILLINOIS LONG TERM CARE PARTNERSHIP INSURANCE PROGRAM." If this statement is not on the policy, it is not a Partnership policy and assets are not protected.

The policy will also state if the coverage purchased is equal to, or greater than, the average cost of 4 years of long term care services in a nursing facility. If so, the following statement is included in the policy "AT THE DATE OF PURCHASE THIS POLICY PROVIDES COVERAGE WHICH IS EQUAL TO, OR GREATER THAN, THE AVERAGE COST OF FOUR YEARS OF LONG TERM CARE SERVICES IN A NURSING FACILITY." If this statement is not on the policy, the asset protection amount does not apply to all assets. Protect only the amount paid out, provided that the person has received all benefits payable under the policy.