The Rhode Island Long-Term Care Partnership Program is a collaboration between private insurance providers and the state. It encourages residents to purchase qualified long-term care insurance by offering an additional layer of protection for their assets. Essentially, it allows policyholders to qualify for Medicaid without having to spend down all of their resources first—a benefit known as “asset disregard.”

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Here’s how it works: Let’s say you purchase a long-term care insurance policy under the Partnership, and over the years it pays out $200,000 in benefits for your care. If you later need Medicaid to continue receiving care, Rhode Island Medicaid will disregard $200,000 of your assets when determining eligibility. This means you can both receive care and preserve a portion of your estate for your heirs.

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To qualify for the Partnership benefits, your long-term care insurance policy must meet specific state requirements. These usually include provisions like inflation protection and other consumer safeguards to ensure the policy remains robust over time. Not every long-term care policy automatically qualifies. It's essential to check with your provider to confirm whether their offerings are Partnership-compliant.

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Why is this program a game-changer for Rhode Island residents?

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Because it helps solve a core dilemma: how to prepare financially for long-term care without sacrificing your life’s savings. Plus, it encourages earlier and more thoughtful planning. Buying a policy when you're younger and healthier generally means lower premiums, and thanks to the Partnership program, those premiums work harder for you.

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The Partnership Program not only provides financial incentives but also peace of mind. For adult children worried about supporting aging parents, or individuals wanting to avoid becoming a financial burden on loved ones, this is a powerful planning tool. Rhode Island’s initiative is an excellent example of how state-level programs can make a real difference. But understanding its benefits—and limitations—is key to using it effectively. Always work with a qualified insurance advisor familiar with Rhode Island’s rules to ensure you're making a strategic, customized decision.

Picking the right long-term care insurance policy is not a one-size-fits-all process. Rhode Island residents need to weigh a number of personal, financial, and health factors when choosing a plan. The right policy should provide financial security, match your care preferences, and comply with the state's regulatory framework—including eligibility for programs like the Long-Term Care Partnership.

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Start by asking yourself and your family a few core questions:

• How much of your future care costs do you want to cover with insurance?
• Do you want a policy that covers home care, assisted living, or nursing facilities—or all three?
• How long do you want your benefits to last?
• What monthly premium is affordable for your current and projected budget?

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Rhode Island insurers offer a range of options, often with customizable riders. For example, you might opt for a shared benefit pool for spouses—ideal for married couples—or add non-forfeiture benefits, ensuring some coverage even if you lapse in payments. Inflation protection is particularly important in Rhode Island, where care costs are among the highest in the Northeast and projected to continue rising.

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Shopping around is crucial. Work with an independent insurance agent who is licensed in Rhode Island and has experience navigating the long-term care landscape. Companies like Genworth, Mutual of Omaha, and MassMutual are active in the state and provide policies eligible for Partnership inclusion. Comparing policies by cost alone can be misleading—focus instead on what services and benefits are actually covered.

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Don’t forget the underwriting process. Most insurers will require a health screening and review of medical history. It's generally easier and more affordable to qualify in your 50s or early 60s than waiting until later. A denied application due to existing medical conditions may limit your options down the road.

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Lastly, involve your family in the conversation. Choosing long-term care coverage is personal, but it affects everyone. Sharing your goals can help avoid future confusion or conflict and ensure your intentions are understood when care is needed.