New York 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 New York Long-Term Care Partnership Program policy apply if your long-term care needs last longer than the benefits of your Partnership policy.
For every dollar your Partnership 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.
New York State Partnership for Long-Term Care rates are like regular policies. We still 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 New York State Partnership for Long-Term Care.
NOTE: As of January 1, 2021, no insurance companies are currently offering LTC Partnership qualified products in New York State. This means you cannot buy a New York State Partnership for Long-Term Care policy at this time. This does not affect current, active insureds who are Partnership qualified.
Traditional non-Partnership and Hybrid Long-Term Care Insurance plans are available.
New York State Partnership Reciprocity
New York State does participate in the national reciprocity agreement. Reciprocity allows you to buy a qualifying Long-Term Care Partnership policy in another state and maintain the special asset protection benefit if you move to New York. The State of New York will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your LTC Partnership policy before moving to New York. The majority of states have reciprocity, but not all.