Maine Long-Term Care Partnership Program: Approved Policies & How to Choose

The Maine Long-Term Care Partnership Program is a collaboration between the State of Maine and private insurance companies designed to help Maine residents afford long-term care without depleting all of their assets. This program allows individuals who purchase qualified long-term care insurance policies to protect a portion of their assets should they ever need to apply for MaineCare (Medicaid) to cover long-term care expenses.

Understanding which insurance policies are approved under this program is crucial for anyone considering long-term care planning in Maine. This article provides an updated list of approved policies and outlines key considerations when choosing a policy that fits your needs.

What is the Maine Long-Term Care Partnership Program?

The Maine Long-Term Care Partnership Program addresses the growing concern of how individuals will finance long-term care services, which can be incredibly costly. Without proper planning, many individuals may be forced to spend down their life savings to qualify for MaineCare to cover these expenses.

The Partnership Program offers a solution by linking private long-term care insurance with MaineCare eligibility. If you purchase a Partnership-approved long-term care insurance policy and later need long-term care, the program allows you to protect assets equal to the amount of benefits paid out by your insurance policy. This asset protection is a significant advantage, allowing individuals to preserve more of their wealth for themselves and their families while still accessing necessary long-term care services through MaineCare if needed.

Benefits of the Partnership Program

Participating in the Maine Long-Term Care Partnership Program offers several key benefits:

• Asset Protection: The primary benefit is asset protection. For every dollar your Partnership-approved long-term care insurance policy pays out in benefits, you can protect a dollar of your assets from MaineCare eligibility determination. This means you can receive long-term care coverage through insurance first and then, if necessary, qualify for MaineCare while retaining a greater amount of your assets.
• Choice and Control: Purchasing long-term care insurance gives you more choice and control over your care. You can often choose where you receive care (e.g., at home, assisted living facility, nursing home) and the types of services you receive, rather than being limited to MaineCare-approved facilities and services.
• Peace of Mind: Knowing you have a plan in place for potential long-term care needs can provide significant peace of mind for you and your family. The Partnership Program offers a way to proactively address these concerns and safeguard your financial future.

List of Approved Policies

The following individual policies and group certificates have been approved for use in the Maine Long-Term Care Partnership Program. This list is updated as of July 24, 2024, but it is always recommended to verify with the insurance company or your financial advisor to ensure the policy is currently approved and meets your specific needs.

How to Choose a Maine Long-Term Care Partnership Program Policy

Selecting the right long-term care insurance policy is a significant decision. Here are some steps to consider when choosing a policy within the Maine Partnership Program:

1. Understand Your Needs: Assess your current and future long-term care needs. Consider your age, health status, family history, and financial situation. Think about the types of care you might need (home care, assisted living, nursing home care) and how much coverage you might require.
2. Compare Policies: Review the list of approved policies and research different insurance companies. Compare policy benefits, coverage levels, premiums, and any waiting periods or exclusions. Pay attention to inflation protection options, which can help your benefits keep pace with rising long-term care costs.
3. Work with a Financial Advisor: Consult with a qualified financial advisor who is knowledgeable about long-term care insurance and the Maine Partnership Program. They can help you evaluate your needs, understand policy details, and choose a policy that aligns with your financial goals and risk tolerance. An advisor can also ensure the policy you are considering is indeed Partnership-qualified.
4. Check Policy Approval Status: While the list above is a good starting point, always confirm with the insurance company or the Maine Bureau of Insurance that the policy is currently approved under the Maine Long-Term Care Partnership Program before making a purchase. Policy approvals can change, and you want to ensure you are getting a qualified policy to receive the program’s benefits.
5. Review Policy Features: Carefully examine the policy’s features, including:
   • Benefit Triggers: What conditions must be met for benefits to be paid (e.g., inability to perform certain activities of daily living or cognitive impairment)?
   • Daily Benefit Amount: How much will the policy pay per day for care?
   • Benefit Period: How long will benefits be paid (e.g., 3 years, 5 years, lifetime)?
   • Elimination Period: How long must you wait after qualifying for care before benefits begin?
   • Inflation Protection: Does the policy include inflation protection to increase benefits over time?

Conclusion

The Maine Long-Term Care Partnership Program offers a valuable opportunity for Maine residents to plan for potential long-term care expenses while protecting their assets. By choosing a Partnership-approved long-term care insurance policy, individuals can gain peace of mind knowing they have a strategy in place to address future care needs. It is essential to carefully consider your individual circumstances, compare policy options, and seek professional guidance to make an informed decision and select the most appropriate policy for your long-term care planning needs within the Maine Partnership Program framework.