ID Average daily benefit purchased: $ 148 per day.
There are close to 1.5 million people who call the Gem State home, and according to the US Census, nearly 200,000 of those residents are 65 years plus. That’s close to a quarter of a million people and counting in Idaho who will increasingly need and use Long Term Care services (i.e. home health care, care in nursing homes, and/or care in assisted living facilities). If not prepared with Long Term Care Insurance, this growing number of seniors will put increasing economic stress on families and the state . In 2011, the total Long Term Care Medicad expenses alone in Idaho were almost $4 million.
The good news is, Idaho residents have the choice of around 17 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services. This selection of Long Term Care insurance companies is helpful when planning for retirement and securing your financial future.
The Idaho Long Term Care Insurance Partnership Program is administered by the state’s Department of Insurance. Under this Program, a policy holder in the state of Idaho will be able to keep personal assets equal to the amount paid out under their long term care policy and still be considered eligible for Medicaid assistance if they ever needed it. For example, if a qualifying insurance policy pays out $50,000 in benefits to cover a person’s long-term care needs, Medicaid would not count up to $50,000 of the person’s assets when it determines whether the person is eligible for Medicaid assistance with long-term care costs. This means the person would be able to qualify for long-term care assistance through Medicaid without first having to spend all their personal assets on care.
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Idaho, like most states, has instituted a program to tackle the problem of lack of Long Term Care Insurance coverage for its residents via a long term care insurance partnership program between private insurers and the State. Idaho’s population is rapidly aging and awareness of the need for Long Term Care Insurance remains low. Long Term Care Insurance covers the cost of services such as nursing homes, in home health care and assisted living care when one is unable to care for themselves and is not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets. The Idaho Long Term Care Insurance Partnership Program’s purpose is to encourage the residents in Idaho to prepare for their future care needs by purchasing insurance that pays when a person must be moved into a long term care facility like a nursing home.
A recent study by Genworth Financial found that 7 in 10 Americans have made no plans for long term care and many were not even aware of this type of insurance and what it covers. And, given that the Department of Health and Human Services estimates that 2/3 of all Americans will need long term care at some point after they pass age 65, this does, indeed, constitute a problem to be reckoned with. Many Americans, regardless of the State in which they live, are now at risk of having to exhaust their life’s savings or rely on their children or other relative to care for them in retirement should they become unable to care for themselves. Residents of Idaho are able to participate in the Idaho Long Term Care Insurance Partnership Program via a number of policy options that meet certain State-mandated criteria.
Idaho, like many states, aims to reward those who do their part in solving this problem of Long Term Care Insurance coverage by planning ahead and protecting themselves and their assets. Basically, it works like this: Under the Partnership Program, the state will disregard the policyholder’s personal assets equal to amounts paid out under a qualifying insurance policy when it determines the person’s eligibility for Medicaid assistance. For example, if a qualifying insurance policy pays out $50,000 in benefits to cover a person’s long term care needs, Medicaid would not count up to $50,000 of the person’s assets when it determines whether the person is eligible for Medicaid assistance with long term care costs. This means the person would be able to qualify for long term care assistance through Medicaid without first having to spend all their personal assets on care. Highlights and requirements of the Partnership Program include: Medicaid Asset Protection Potential tax benefits. Companies authorized to sell partnership policies must meet stringent requirementsInflation protection must be provided.
The inflation protection requirements are critical here. Inflation protection insures that your policy will pay out in tomorrow’s dollars and that your covered for the care you need. A list of approved insurance companies can be found here. You can start planning today for your future long-term care needs and securing all that you have worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy. LTC Tree can assist you in finding a plan through the Idaho Long Term Care Insurance Partnership Program that is right for you, no matter your age or financial status. If you’d like to learn more about our affordable Long Term Care Insurance policies, simply fill out this form. Thank you for reading today’s blog on the Idaho Long Term Care Insurance Partnership Program. We really appreciate it.
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