New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 39 - Minimum Standards For The New York State Partnership For Long-term Care Program › Section 39.8 - Disclosure explaining insurance regulatory issues and medicaid asset protection issues when covered under new york state partnership insurance or covered under partnership insurance of other states after replacement

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer
				  shall provide to an insured under a New York State partnership program
				  qualified policy /certificate a disclosure setting forth that:
(1) A New York State partnership program
				  qualified policy/certificate approved by the New York Superintendent of
				  Financial Services is under the regulatory oversight of New York
				  State.
(2) A policy/certificate of
				  a partnership program of another state that replaces a New York State
				  partnership program qualified policy/certificate shall be regulated by the
				  other state.
(3) A New York State
				  partnership program insured who leaves New York State may not be eligible for
				  Medicaid asset protection in another state after insurance purchase if that
				  state is no longer a reciprocal state, and therefore, New York State
				  partnership program insureds leaving New York State should verify reciprocal
				  participation after insurance purchase and until the insured is eligible and
				  applying for Medicaid in another state.
(4) A New York State partnership program
				  insured who replaces a New York State partnership program qualified
				  policy/certificate with a policy/certificate under a partnership program of
				  another state may not be eligible for Medicaid asset protection from New York
				  State after replacement occurs if New York State is no longer a reciprocal
				  state when the insured is eligible and applies for Medicaid in New York
				  State.
(5) A New York State
				  partnership program insured is ineligible for Medicaid asset protection in
				  non-partnership states and non-reciprocal states.
(6) A New York State partnership program
				  insured who replaces a New York State partnership program qualified
				  policy/certificate with long term care insurance from a non-partnership state
				  or non-reciprocal state is ineligible for Medicaid asset protection from New
				  York State.
(7) A New York State
				  partnership program insured who purchases a policy/certificate marketed as
				  protecting all assets upon becoming eligible for Medicaid in New York State
				  shall only be eligible for Medicaid asset protection in a reciprocal state in
				  an amount equal to the benefits paid by the New York State partnership program
				  qualified policy/certificate.
(8) A
				  New York State partnership program insured who replaces a New York State
				  partnership qualified policy/certificate with a policy/certificate under a
				  partnership program of another state shall only be eligible for asset
				  protection in New York State in an amount equal to the benefits paid by the
				  policy/certificate under a partnership program of the other state.
(9) An insured who replaces a New York State
				  partnership program qualified policy/certificate with an individual long term
				  care insurance policy not approved by New York State shall be ineligible for
				  the New York State long term care insurance income tax credit for the premiums
				  paid for the replacing individual policy of the other state.