Current through Register Vol. 46, No. 39, September 25, 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.
(b) A disclosure statement,
including the explanations of this section, shall accompany or be incorporated
in a qualified policy/certificate under the program when the qualified
policy/certificate is delivered to the insured or delivered to the applicant at
the time application is made for the qualified policy/certificate. The insurer
shall obtain an acknowledgement of receipt or certification of delivery of a
disclosure statement that included the explanations of this section. For
in-force qualified policies/certificates under the program on June 1, 2012, the
insurer shall provide a disclosure statement, including the explanations of
this section, to the in-force insureds. However, an acknowledgement of receipt
or certification of delivery shall not be required for qualified
policies/certificates in-force as of June 1, 2012.
