Long Term Care Insurance Minnesota
Allianz Minnesotans Enhanced Long Term Care Services
By
 Allianz Life Insurance Company of North America (Allianz) today 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.
About Allianz Life Insurance Company of North America
Founded in 1896 and based in Minneapolis, Allianz Life provides fixed and variable annuities, life insurance policies, and long term care insurance
products in the United States. Allianz products are offered through a nationwide network of independent distribution. The company is part of Allianz
SE, a global financial services group that is the 15th largest corporation in the world based on revenue (Fortune, July 2007). Allianz SE employs more than 177,000 people worldwide.
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