Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The Qualified State Long Term Care Partnership program is designed to encourage more people to purchase long-term care insurance. Which of the following statements is

The Qualified State Long Term Care Partnership program is designed to encourage more people to purchase long-term care insurance. Which of the following statements is not correct regarding Partnership-qualified (PQ) long-term care policies?

A. PQs include inflation protection, so the dollar amount of benefits received can be higher than the amount of insurance coverage initially purchased.

B. PQs allow people to apply for Medicaid under modified eligibility rules if there is continued for long-term care after the policy maximum is reached.

C. PQs include a special asset disregard feature that allows individuals to keep assets like personal savings above the usual $2,000 Medicaid limit.

D. PQs allow people to receive a tax credit equal to up to 80 percent of the policy premiums.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started