Effective 9/1/2007:
Virginia Joins National Long-Term Care Partnership Program

Effective September 1, 2007, you cannot sell any MetLife LTCI in VA until you complete the full 8 hours of training!

What is a Long-Term Care Insurance (LTCI) Partnership Program?

LTCI Partnership Programs allow an individual to purchase a state-approved Long-Term Care Insurance Policy with the intention that if he/she needs to apply for Medicaid in the future to pay for LTC services, then the individual will be able to protect all or a portion of the assets he/she would otherwise have to “spend down” to become Medicaid eligible.

What are the Requirements for a Partnership Policy? In order for a policy to qualify as a Partnership Policy, it must, among other requirements:

• be issued to an individual after September 1, 2007;
• cover an individual who was a Commonwealth of Virginia resident when coverage first becomes effective under the policy;
• be a tax-qualified policy under § 7702(B)(b) of the Internal Revenue Code of 1986;
• meet stringent consumer protection standards; and
• meet the following inflation requirements:
• for ages 60 or younger – provides compound annual inflation protection;
• for ages 61 to 75 – provides some level of inflation protection; and
• for ages 76 and older – no purchase of inflation protection is required.

For more information, please click on the links below:

Virginia LTC Partnership Notice

Virginia LTC Partnership Q & A