I recently met with a new client, who mentioned he had a long term care insurance policy. He had not brought the policy with him to our consultation so I asked, "Do you know if your policy is a partnership policy?" He answered "Everything my wife and I did in our 57 year marriage has been a partnership." Very touching, but clearly he knew nothing about a policy that he has been paying premiums on for years. I thought it was time to add a link with some information to this site in hopes that others might benefit from it. For those who do not know, a partnership policy for long-term care has special benefits that non-partnership policies do not. The biggest benefit is that if you have a partnership policy and use up all of the benefits under it you can automatically qualify for Medicaid assistance. There are variations, however, and not all policies are alike. Since 2006 we have "total asset protection" policies and "partial asset protection" policies available to us. I have written about this before; your financial advisor may not be the best person to sell you this insurance. You need someone who specializes in long-term care policies so that you receive proper advice tailored to your situation. Once you know the appropriate policy for you you should then go back to your advisor to work out the best method to pay the premiums (here is a good way to bleed out an annuity you purchased before you learned how bad they are for most people).
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