NY S02185

Creates the New York State Compact for Long Term Care program to provide coordinated public and private coverage for qualified long term care services to eligible chronically ill individuals through a pledge-based system.

Requires participants to pledge either a maximum amount equal to 36 months of nursing home services in their region or 50% of countable assets (with a $20,000 deductible for assets under $40,000), with pledges adjusted annually based on regional nursing home rates.

Establishes beneficiary eligibility upon fulfilling pledge requirements, providing access to services at capped rates with an annual participation fee of 25% of countable income and protection of income based on living situation and family status.

Prohibits resource tests, estate recovery, and liens on beneficiary homes that would otherwise apply to Medicaid recipients, while protecting homesteads purchased more than five years prior and establishing exemptions for certain assets and income transfers.

Creates an 11-member advisory committee including bar association members, senior advocates, service providers, long-term care insurers, and an actuary to provide recommendations on program policies, subsidy methodology, provider conduct standards, and consumer protections.