State RegulationsMI specificDifficulty 1/5
Michigan's Long-Term Care Partnership Program disclosure governs qualified long-term care policies issued after which date?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Per the Michigan Long-Term Care Partnership Program disclosure published by the Michigan Department of Insurance and Financial Services (DIFS), the program's requirements apply to tax-qualified long-term care policies issued after December 31, 2007. Policies issued on or before that date fall outside the program's qualified-policy requirements, so the age-banded inflation protection standards are tied to this issuance-date cutoff.
Why the other options are wrong
- A) Policies issued on or before December 31, 2006 are two years earlier than the cutoff and are outside the program's qualified-policy requirements.
- B) January 1, 2010 postdates the actual cutoff; qualified policies issued in 2008 and 2009 are already covered by the program.
- D) Waiting until the end of 2014 would wrongly exclude more than six years of qualified policies that the program covers.
Memory hook
Partnership policies count only if issued after the last day of 2007.