Yes, Illinois Long-Term Care Partnership Program policies are available. Long-Term Care Partnership policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
The unique asset protection benefits of a Illinois Long-Term Care Partnership Program policy apply if your long-term care needs last longer than the benefits of your Partnership policy. For example, for every dollar your Illinois Partnership for LTC policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Illinois Long-Term Care Partnership Program policy rates are like regular policies. Still, we recommend comparing them with non-Partnership policies because you may find other options better suited to your needs. This includes hybrid long-term care insurance plans not available under the Illinois Long-Term Care Partnership Program.
The term reciprocity applies when you buy a Long-Term Care Partnership policy in another State and later move to Illinois. Because Illinois has reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to Illinois. The State of Illinois will also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits from your Partnership policy before relocating.