MN SF3484

Expands the definition of "partnership policy" under the Minnesota Partnership for Long-Term Care program to include long-term care insurance policies sold prior to July 1, 2015, that have inflation protection between 1% and 3%

Currently, partnership policies must meet specific criteria and be issued or exchanged on or after July 1, 2006

Partnership policies allow individuals to protect assets from Medicaid spend-down requirements equal to the benefits paid out by their long-term care insurance

Effective date is January 1, 2027, or upon federal approval, whichever is later

Commissioner of Human Services must notify the revisor of statutes when federal approval is obtained