New York Partnership Announces Revisions to Regulations

Please be advised that the New York State Partnership for Long Term Care has announced several revisions to regulations, effective June 1, 2012. Changes are as follows:

Reciprocity Provision:
Effective June 1, 2012, the New York State Partnership for Long Term Care will participate in reciprocity as offered in the Federal Deficit Reduction Act of 2005. This change will allow New Yorkers who relocate to one of the 40 other participating states to take advantage of both asset protection and Medicaid Extended Coverage in those states at a dollar-for-dollar level based on the amount of LTC insurance paid on their behalf. This provision also allows DRA Partnership policyholders who move to New York to have the same benefit. This provision is retroactive to all existing New York Partnership policyholders.

IMPORTANT! New Disclosure Required Effective June 1, 2012
As of June 1, MedAmerica is required to include a new disclosure form regarding the reciprocity provision as a part of the Consumer Participation Agreements provided to all new applicants for a Partnership policy. MedAmerica is currently in the process of updating forms booklets to include this notice. We will advise you when the new books are available for order. Until those books become available, please print and deliver this notice to all clients applying for a NY Partnership policy on or after June 1, 2012. You can download the disclosure by clicking here or visiting our website at www.MedAmericaLTC.com. New CPA’s including this disclosure are also available for download from the MedAmerica website. MedAmerica will mail this disclosure notice to all existing New York Partnership policyholders and claimants soon.

New Plan Options:
As a part of this revised regulation, participating insurers will be required to offer a new 3.5% Compound Inflation Option. Additionally, a new 2/4/50 plan may be offered. This plan is a Total Asset Protection Plan design featuring two years of nursing home coverage, four years of home care or residential care at half the nursing home rate. MedAmerica must file and obtain approval on revised forms before it can offer any new options on its New York Partnership policy. Stay tuned for details as we work through this process.

If you have any questions, please contact your MedAmerica Sales Director at 800.724.1582.

As always, thank you for your business!