Long Term Care Insurance Partnership in Virginia

The State of Virginia’s Long Term Care Insurance Partnership Program is a pioneering collaboration between the state government and the private insurance companies which was established in September 1, 2007. The Partnership program’s main objective is to provide help for its residents particularly when dealing with long term care planning without sacrificing their hard-earned assets.

Other states have also adopted a partnership program of their own; however, Virginia’s LTC partnership program offers added advantages because of its dollar-for-dollar asset protection. Under this unique benefit, for every dollar paid by a Partnership LTC policy, a dollar of assets of the policyholder must be protected for Medicaid eligibility.

Also, insurance companies that joined the state’s partnership program should meet a set of requirements for their long term care policies to be qualified. And, for a long term policy to qualify, the following benefits should be offered:

(a) Inflation protection – This special feature adjusts the policy's benefits to keep pace with the rising costs of long term care services. It is considered very beneficial most especially to individuals who have purchased a policy at a young age.


There are levels of inflation protection issued to residents, namely, (a) annual compound inflation protection for those under age 61, (b) a certain level of inflation protection for individuals age 61 to 76, and (c) may still acquire but is not required to obtain an inflation protection for people aged 76 and above.

(b) Must be issued after September 1, 2007 – This is an important requirement a policy must meet to become valid. For policyholders who already have or already bought an LTC policy and wish to have a partnership policy, must contact their insurance company or private carrier to arrange all the details.

In cases like a policyholder moves to another state which participates in the reciprocity standards and offers partnership policies as well, his LTC policy may still be qualified for a dollar-for-dollar asset protection.

But, when it comes to the Medicaid program, the policyholder will be subject for qualification and approval after maximizing his policy benefits. A few requirements are financial and non-financial documents such as income and resource proofs, identity and state residency certification, and Social Security number. Other supporting documents may also be required to determine Medicaid eligibility. To know which papers are required, make time to visit the nearest department within the community.

Long term care insurance is very important. Make sure to do research on long term care costs and learn which long term care plans are available in every state.