KY Average daily benefit purchased: $ 138 per day.

There are more than 4.3 million people who call Kentucky home, and according to the US Census, nearly 600,000 of those residents are aged 65 or older. That’s more than half a million people (and counting) in the Bluegrass State who will increasingly need and use Long Term Care services, including home health care, care in nursing homes, and/or care in assisted living facilities. Without Long Term Care Insurance, this growing number of seniors will put increasing economic stress on families and the state of Kentucky. In 2011, the total Long Term Care Medicad expenses alone in Kentucky were more than $1.5 billion.

Fortunately, Kentucky 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.

On April 7, 2009, the Kentucky Long Term Care Insurance Partnership Program was signed into law. This program is designed to encourage Kentucky residents to purchase long term care insurance by offering a plan that will allow Medicaid to disregard some or all of the purchaser’s assets for Medicaid eligibility. These Partnership Plans help provide residents of Kentucky with asset protection in the event they use their policy benefits and need to seek continued benefits through Medicaid. Partnership Policies are very similar to traditional long-term care insurance policies, except they must include annual compound inflation protection for individuals under age 61 and some form of inflation protection for individuals ages 61-76. Inflation protection helps the policy keep up with the rising costs of long-term care services.

Most Popular Long Term Care Companies in Kentucky

  • 1) Genworth
    2) Mutual of Omaha
    3) Genworth Privileged Choice Flex
    4) Transamerica
    5) Genworth Privileged Choice Flex 2
    6) Mutual of Omaha Mutual Care Plus
    7) Mass Mutual
    8) Transamerica TransCare II 2012
    9) Mutual of Omaha Mutual CarePlus
    10) Mass Mutual, Signature Care MM-5002011
    11) Genworth Flex 2
    12) John Hancock
    13) Mass Mutual, Signature Care MM-5002013

Most Insured Cities in Kentucky

  • 1) Louisville – last quote: $150/day
    2) Lexington – last quote: $150/day
    3) Georgetown – last quote: $200/day
    4) Elizabethtown – last quote: $150/day
    5) Crestwood – last quote: $200/day
    6) Owensboro – last quote: $100/day
    7) Stanford – last quote: $100/day
    8) Bowling Green – last quote: $150/day
    9) Shepherdsville – last quote: $150/day
    10) Cadiz – last quote: $150/day
    11) Bardstown – last quote: $150/day
    12) Morehead – last quote: $150/day
    13) Versailles – last quote: $200/day
    14) Richmond – last quote: $100/day
    15) Florence – last quote: $200/day

More on Kentucky

July 3, 2012 Update: There are several sites on the Web with incorrect information on Kentucky Long Term Care Partnership qualification.  The state has posted the official statute here:

Inflation Protection Requirements in Kentucky by Age:

Section 2, Part D outlines the inflation protection requirements, summarized below:

  • If you are under 61: An automatic annual inflation increase at 3% Compound or greater.
  • 61-75 years old: 3% Simple or greater
  • 76+: An offer of inflation protection in accordance with 806 KAR 17:081.

Kentucky, as part of the Deficit Reduction Act (DRA), has taken the initiative to partner with private industry to create an innovative solution to the crisis of lack of Long Term Care Insurance coverage for its residents.

Residents of Kentucky are able to participate in the Long Term Care Partnership Insurance Program via a number of policy options that meet certain State-mandated criteria.

The State of Kentucky aims to Increase utilization of long-term care insurance policies which will assist in alleviating the financial burden of Kentucky’s Medicaid program by encouraging the use of private insurance and provide a mechanism for individuals to qualify for Medicaid services for costs of long-term care without exhausting all of their assets and resources. 

The idea is to reward those who do their part in solving the problem of Long Term Care Insurance coverage by planning ahead and protecting themselves and their assets.  Basically, it works like this: if you purchase a plan via the Partnership program and exhaust your benefits and need to apply for Medicaid, you are able to �shield� some of your assets from being depleted before being eligible to use Medicare services.

More information on the Kentucky Long Term Care Insurance Partnership Program can be found here above.  There are a number of policy options and plans available, so you�ll want to speak with Long Term Care Insurance professionals like our staff here at LTC Tree.