New Jersey Long Term Care Partnership Program

New Jersey Long-Term Care Partnership Program state imageNew Jersey’s Long-term Care Partnership Program is a partnership program between Medicaid and private long-term care insurers designed to encourage individuals to purchase private long-term care insurance. New Jersey long-term care partnership policies are tax qualified (a portion of premiums paid may be claimed as a tax deduction) under federal law; provide policyholders with inflation protection; and most importantly, provide dollar-for-dollar asset protection in the event the policyholder needs to apply for long-term care Medicaid assistance. For every dollar that a New Jersey long-term care partnership policy pays out in benefits, a dollar of assets can be protected from Medicaid spend-down requirements.

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Effective Date
July 1, 2008
Does 1% Compound Qualify
No. Only for issue age 76 or over.
Inflation Requirement issue age 60 and under
It must provide compound annual inflation protection at a rate of at least 3%, or at a rate based on changes in the consumer price index for all urban consumers.
Inflation Requirement issue age 61 to 75
The policy must provide inflation protection at least equivalent to a guaranteed purchase option of additional coverage each year in an amount equal to 3% of the original benefits provided under the policy.
Inflation Requirement issue age 76 or over
The insurer is required to offer inflation protection which meets the requirements for a partnership policy sold to an individual 61 through 75.
What if Inflation Growth stops at age 76
It does NOT qualify.