Long term care partnership insurance is a type of insurance policy that combines private long term care insurance with Medicaid coverage. It is designed to help individuals protect their assets while still qualifying for Medicaid if they need long term care services. The partnership program was created as a collaboration between the federal government and individual states to encourage people to plan for their long term care needs and reduce the burden on Medicaid. The main benefit of long term care partnership insurance is that it allows individuals to retain a certain amount of assets and still qualify for Medicaid coverage. This means that if someone exhausts their long term care insurance benefits, they can apply for Medicaid without having to spend down all of their assets. The specific rules and requirements for long term care partnership insurance vary by state, so it's important to consult with a knowledgeable insurance professional or Medicaid specialist to understand the details in your specific area. Overall, long term care partnership insurance can provide peace of mind and financial protection for individuals who want to plan for their long term care needs while preserving their assets.