LONG-TERM CARE PARTNERSHIP ACT

Creates the Illinois Long-Term Care Partnership Program Act. Establishes the Illinois Long-Term Care Partnership Program to: (i) provide incentives for individuals to insure against the costs of providing for their long-term care needs; (ii) provide a mechanism for individuals to qualify for coverage of the cost of their long-term care needs under Medicaid without first being required to substantially exhaust their resources; (iii) provide counseling services to individuals planning for their long-term care needs; and (iv) alleviate the financial burden on the State's medical assistance program by encouraging the pursuit of private initiatives. Sets out the duties of the Department of Healthcare and Family Services and the Department of Financial and Professional Regulation regarding long-term care partnership policies. Requires the issuers of qualified long-term care partnership policies in Illinois to provide regular reports to the Department of Healthcare and Family Services, the federal Department of Health and Human Services, and the Department of Financial and Professional Regulation. Authorizes the Department of Healthcare and Family Services and the Department of Financial and Professional Regulation to adopt rules and regulations. Repeals the Partnership for Long-Term Care Act. Effective immediately.