SF3484

Purpose of the Bill

The purpose of this bill is to amend the current laws regarding the Minnesota Partnership for Long-Term Care program. This program facilitates long-term care insurance policies that serve to protect individuals’ assets while still qualifying them for Medicaid coverage under specific conditions.

Main Provisions

• The bill proposes to expand the definition of a "partnership policy" in the context of long-term care insurance.
• It aims to include policies with certain inflation protection parameters purchased before a specified date (July 1, 2015).
• Partnership policies are required to meet criteria set out in other sections of Minnesota law (specifically sections 62S.23 and 62S.312), indicating the standards for these insurance policies.

Significant Changes to Existing Law

• The significant change involves the inclusion of long-term care insurance policies sold prior to July 1, 2015, with inflation protection of between one to three percent, under the definition of a “partnership policy.”
• This change effectively broadens the range of insurance policies that qualify for asset protection under the partnership for long-term care.

Relevant Terms

• Partnership policy
• Long-term care insurance
• Inflation protection
• Medicaid coverage
• Asset protection