A Partnership plan requires that the insured have a specified amount of benefit (in NY, it is a minimum of $314/day for 2018), a specified benefit period and a Cost of Living rider.
In NY, two different types of plans are offered; Dollar of Dollar and Total Asset.
A Dollar for Dollar plan allows an insured to transfer a dollar in assets for each dollar of long term care benefit received. For example if the client incurred $100,000 in eligible long term care expenses they could transfer or protect $100,000 in assets.
A Total Asset plan uses the same concept but has no cap on the amount of assets that can be transferred or protected.
One caveat to using a Partnership plan is that only assets owned by the insured are protected. Any income that the insured is receiving (e.g., pension payments, social security) cannot be transferred or protected.
For example, Mrs. Jones has a pension of $5,000/month. If she applies for Medicaid, this benefit will be applied towards paying for the cost of her care.