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: http://www.lrc.state.ky.us/kar/806/017/083.htm
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.