Allianz Life Joins State Partnership To Offer Minnesotans Enhanced Long Term Care Services

Minneapolis, MN - Allianz Life Insurance Company of North America (Allianz) recently announced that it is one of 25 insurers participating in the Minnesota Long Term Care (LTC) Partnership, which is designed to give individuals more control over financing their long-term care needs. Minnesotans who purchase qualified long-term care insurance policies, like the Allianz Generation Protector II, will have the opportunity to protect more of their assets should they need in-home, hospice, or nursing home care during a serious illness.

"Since the baby boomer generation is entering retirement – possibly the longest retirement in history - it is critical for them to prepare for their long-term care needs," said Eric Thomes, vice president of fixed distribution at Allianz. "Generation Protector II helps consumers gain control of their future long-term care, including when and where they receive it."

Under the Minnesota LTC Partnership, consumers may protect assets up to the amount of the purchase value of the policy. For example, if a consumer purchases a Generation Protector II policy and uses $250,000 in benefits from the policy, they can protect up to $250,000 of their asset when applying for Medicaid or other forms of state-sponsored assistance. Moreover, Allianz is applying these benefits retroactively to all Minnesota policyholders who have owned a Generation Protector II policy since July 1, 2006.

Basic protection with Generation Protector II includes a benefit up to $500 per day of qualified care, payable as early as seven days after care begins, and continuing from two years to as long as the insured's lifetime. The basic plan also features a special Alternative Plan of Care benefit that allows consumers to apply basic benefits toward other expenses. The policy allows consumers to elect a higher daily benefit for in-home care – up to 130 percent of the basic daily benefit may be purchased – and an optional rider renders benefits payable the first day care is received. Another optional rider offers additional monthly cash benefits for other expenses including prescription drugs, family member care, and other incidental expenses. Optional riders are available at additional cost.

Generation Protector II, policy form number 11-P-Q., is currently available in Minnesota. Product and features may vary and are not available in all states. For more information on the Minnesota Long Term Care Partnership, consumers can visit www.mnltcpartnership.org, or contact their Allianz representative.

SOURCE: Allianz Life Insurance Company of North America