Insurance Agent Forum

[bluemarlin08]

When a Genworth agent calls on a AARP referral, they compare the "AARP" plan with a Genworth plan and sell up, once folks understand the differences they usually buy up.

[Newby]

I was told yesterday by someone who should know that the AARP/Genworth policies won't qualify for the Indiana Partnership program.

People who buy non-partnership policies in Indiana are really missing the whole idea of LTC. If you buy a partnership-qualified policy (even a pretty small one) you have UNLIMITED asset protection from Medicaid.

[Mr. Bill]

WEll, not all Partnership plans are the same.

Whether or not AARP "endorses" GE it won't make too much of a difference. Again, you're talking about a product that very few people, regardless of how smart a purchase it may be, will actually buy. Best to have it in the arsenal, but I doubt it will be changing the lives of agents everywhere.

[retread]

Maybe I missed something, but it is my understanding that Partnership plans only protect the insured from Medicaid up to the policy protection of the LTC plan. At least that's the way it works in Kansas.

The example given me was: If you had a $200K estate, and you had to "spend down" to qualify for Medicaid, and you had $100K LTC policy, then when you spent down to $100K, that was yours to keep. At that point, you were Medicaid qualified with $100K of asset protection. Anything you had to spend out of that remaining $100K for healthcare was returned to your account.

[Newby]

Originally Posted by retread

Maybe I missed something, but it is my understanding that Partnership plans only protect the insured from Medicaid up to the policy protection of the LTC plan. At least that's the way it works in Kansas.

The example given me was: If you had a $200K estate, and you had to "spend down" to qualify for Medicaid, and you had $100K LTC policy, then when you spent down to $100K, that was yours to keep. At that point, you were Medicaid qualified with $100K of asset protection. Anything you had to spend out of that remaining $100K for healthcare was returned to your account.

Indiana is one of the original Partnership states and designed their own program which is quite different from the other states. It offers UNLIMITED asset protection if you purchase a partnership qualified policy over $225,000 of coverage.

[retread]

Originally Posted by Newby

Indiana is one of the original Partnership states and designed their own program which is quite different from the other states. It offers UNLIMITED asset protection if you purchase a partnership qualified policy over $225,000 of coverage.

You folks in Indiana corn country are wealthier than us poor Kansas wheat farmers!

[Newby]

Originally Posted by retread

You folks in Indiana corn country are wealthier than us poor Kansas wheat farmers!

I do find that Hoosiers tend to put a sizable portion of their paychecks back for a rainy day. I don't think they understand that in some states.