LTC Partnership Policy Qualifications
What qualifies as a Partnership Policy?
To qualify as a Colorado Long Term Care Partnership policy, long-term care insurance coverage must:
- Meet the requirements for being tax qualified as defined in
Section 7702B(b) of the Internal Revenue Code - Meet certain consumer protection requirements in Section 6021(a)(1)(B)(5)(A) of the Deficit Reduction Act, which are taken from the NAIC model act of 2000
- Provide coverage to a person who was a resident of Colorado when coverage first became effective
- Provide inflation protection if the person is under age 76:
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Less than age 61 |
Age 61 to 75 |
Age 76 and Older |
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Inflation Protection Compounded Annually |
Some Level of Annual Compounded Inflation Protection |
Optional |
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Inflation Protection Based on Changes in the Consumer Price Index |
Simple Inflation Protection |
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Covers 80% of Actual Charges No Max. Daily Indemnity Amount or Limit |
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Further details are contained in Regulation 4-4-4. The Division of Insurance posts all regulations and bulletins on the Internet.
The Colorado Partnership for Long-Term Care provides links to other internet sites only for the convenience of our users. The Colorado Partnership for Long-Term Care is not responsible for the availability or content of these external sites, nor does the Colorado Partnership endorse, warrant or guarantee the products, services or information described or offered at these other internet sites.
