South Carolina Long-Term Care Partnership policies are available. These 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 South Carolina Long-Term Care Partnership Program policy applies if your care needs last longer than the benefits of your Partnership policy. For example, every dollar your Partnership policy pays in benefits protects a dollar of your assets 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.
South Carolina Long-Term Care Partnership insurance premiums are like non-Partnership policies. Still, we recommend comparing them with non-Partnership policies because you may find alternatives better suited to your needs. For instance, hybrid long-term care insurance plans are not available under the South Carolina Long-Term Care Partnership Program. Our LTC Advisors have special training and will provide expert suggestions.
South Carolina does participate in the national reciprocity agreement. Reciprocity allows you to buy a qualifying Long-Term Care Partnership insurance policy in another state and maintain the special asset protection benefit if you move to South Carolina. Meanwhile, South Carolina also recognizes accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your LTC Partnership policy before moving to South Carolina. The majority of states have Reciprocity, but not all.