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:
|
Less than age 61 |
Age 61 to 75 |
Age 76 and Older |
|
5% Compounded Annually |
3% Compounded Annually |
Optional |
|
CPI Compounded Annually |
5% Simple |
|
|
|
CPI |
|
|
|
5% Compounded 2X Max |
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Further details are contained in Bulletin B-4.27. 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.
