Washington Long-Term Care Partnership Program policies combine private long-term care insurance with Medicaid asset protection. Only LTC Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
This valuable asset protection feature of the Washington State Long-Term Care Partnership applies when your long-term care needs last longer than the benefits of your LTC Partnership policy. For instance, for every dollar your Washington State Long-Term Care Partnership policy pays in benefits, a dollar of your assets are 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 Washington State LTC Partnership plan.
Washington State Long-Term Care Partnership insurance costs are like regular policies. But some types of LTC plans and not included in the Washington LTC Partnership. This includes hybrid long-term care insurance and short-term care plans. For this reason, we compare WA LTC Partnership plans to all other options. This can uncover alternatives better suited to your situation.
Reciprocity applies when you buy a Long-Term Care Partnership policy in another State and then later move to Washington State. Because Washington has reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to Washington. The State of Washington would also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits from your Long-Term Care Partnership policy before relocating. Without a reciprocity agreement, your long-term care policy is portable, but the asset protection features are not.