Oklahoma Long Term Care Partnership (LTCP) Program is a policy purchased after 2008 and will have statement on the face page of the qualification from Oklahoma Insurance Department.
The policy must be exhausted before client can become eligible for SoonerCare.
Having this policy allows the amount of face value of the policy to be protected asset. The protected asset must be selected and cannot be changed.
Anything this asset earned is considered income. If there is a decrease in value of the protect asset client does not have option to select another asset to bring it up to the protected amount.
There is not a transfer penalty if client transfers ownership of the selected protected asset to someone else.
When determining total assets of a couple the protected asset is subtracted before the determination of resources deemed to the community spouse.
Policy is found at 317:35-5-41.9 (26).
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