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Craig Introduces Long-term Care Insurance Partnership Act

WASHINGTON, DC - Idaho Senator Larry Craig today introduced the, "Long-Term-Care Insurance Partnership Act." This bill would allow states the option of assessing their particular needs and implementing long-term care insurance partnerships if they decide this type of program would benefit the citizens of their states.

"For the last eleven years, in four states, this program has worked very effectively," Craig said. "It is time that seniors in every state are able to get long-term care insurance without risking the nest eggs they spent their entire lives working for. The benefits of the program are significant for both seniors and state government. Individuals are encouraged to take responsibility for their own long-term care needs, but are also able to protect their assets in the event that their long-term care needs exceed their policy."

Under the partnership program, states authorize the sale of approved long-term care insurance policies that meet certain benefit requirements. Individuals who purchase approved policies would receive a guarantee from the state that should their policy benefits be exhausted, the state would then cover the cost of their continuing care through Medicaid. The primary incentive for purchasing partnership policies is asset protection.

The program has been successful in the goal of keeping people from needing to use Medicaid as the first resort for long-term care needs. In the four states currently participating in the public-private long-term care partnerships, there are nearly 66,000 policies in force and only 28 policyholders to date have exhausted their long-term care insurance benefits and accessed state Medicaid assistance

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