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The Oregon Long Term Care Partnership Program was established in January 1, 2008. It is a union between the State of Oregon and private insurance companies wherein the program offers qualified long term care policies that residents can choose from to help them with the swelling costs of long term care. To better mandate the progress of the program, it is administered by the Oregon Department of Human Services and the states’ Insurance Division. The Oregon Department of Human Services supervises the states’ Medicaid program, while, its Insurance Division manages insurance companies authorized of selling partnership policies to the residents. Under each partnership policies, a policyholder is allowed to protect their assets should they apply for Medicaid assistance after depleting all their resources. With a dollar-for-dollar asset protection, the amount of assets that are not included in the Medicaid eligibility is equal to the amount of insurance benefits the partnership policy pays. These partnership policies are also required to provide unique features like inflation protection, must be tax-qualified, and should meet customer protection requirements. With protection against inflation, it is vital to acquire this special benefit. Inflation protection helps policyholders to keep up with the fast growing costs of LTC. However, inflation protection offered varies depending on age. In terms of being a tax-qualified policy, the premiums paid for the policy may be deducted from state and federal income tax returns. To answer customer protection requirements, the partnership policies must also provide a written verification which indicates the time of issue of the policy, states that the policy is a qualified partnership policy and there is a full explanation of benefits that the policy covers. Partnership policies in Oregon have already been marketed since January of 2008. Such policies are being offered by licensed insurance carriers which are being sold by agents with license as well.
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