Section 182-513-1415. What assets can't be protected under the LTC partnership provisions?

The following assets cannot be protected under a LTC partnership policy.

(1) Resources in a trust described in WAC 388-561-0100 (6) and (7).

(2) Annuity interests in which Washington must be named as a preferred remainder beneficiary as described in WAC 388-561-0201.

(3) Home equity in excess of the standard described in WAC 388-513-1350. Individuals who have excess home equity interest are not eligible for long-term care medicaid services.

(4) Any portion of the value of an asset that exceeds the dollar amount paid out by the LTC partnership policy.

(5) The unprotected value of any partially protected asset (an example would be the home) is subject to estate recovery described in chapter 388-527 WAC.

[WSR 13-01-017, recodified as § 182-513-1415, filed 12/7/12, effective 1/1/13. Statutory Authority: RCW 74.04.050, 74.04.057, 74.08.090, 74.09.500, 74.09.530, section 6014 of the Deficit Reduction Act of 2005, WAC 284-83-140, 284-83-400, 284-83-405, 284-83-410, 284-83-415, 284-83-420, and chapter 48.83 RCW. WSR 11-23-106, § 388-513-1415, filed 11/18/11, effective 12/19/11.]

WSR 13-01-017, recodified as § 182-513-1415, filed 12/7/12, effective 1/1/13. Statutory Authority: RCW 74.04.050, 74.04.057, 74.08.090, 74.09.500, 74.09.530, section 6014 of the Deficit Reduction Act of 2005, WAC 284-83-140, 284-83-400, 284-83-405, 284-83-410, 284-83-415, 284-83-420, and chapter 48.83 RCW. WSR 11-23-106, § 388-513-1415, filed 11/18/11, effective 12/19/11.

Rules

388-561-0100,388-561-0201,388-513-1350,388-527,