WAC 182-513-1430 Change of circumstances that must be reported when there is an LTC partnership policy paying a portion of my care.
WAC 182-513-1430 Change of circumstances that must be reported when there is an LTC partnership policy paying a portion of care.
Effective February 20, 2017
You must report changes described in WAC 182-504-0105 plus the following:
- You must report and verify the value of the benefits that your issuer has paid on your behalf under the long-term care (LTC) partnership policy upon request by the agency, and at each annual eligibility review.
- You must provide proof when you have exhausted the benefits under your LTC partnership policy.
- You must provide proof if you have given away or transferred assets that you have previously designated as protected. Although, there is no penalty for the transfer of protected assets once you have been approved for LTC medicaid, the value of transferred assets reduces the total dollar amount that is designated as protected and must be verified.
- You must provide proof if you have sold an asset or converted a protected asset into cash or another type of asset. You will need to make changes in the asset designation and verify the type of transaction and new value of the asset.