MO Average daily benefit purchased: $ 138 per day.

Missouri is home to close to 6 million people, and almost 840,000 of those residents are aged 65 or older (according to the 2010 US Census). Many of these residents are in need of Long Term Care services (this includes things such as home health care, care in Nursing Homes and Assisted Living Facilities), and as the number of seniors in the Show Me state grows with the baby boomer generation, as will the need and use Long Term Care services, putting economic stress on both families and the state. In 2011, Missouri’s Long Term Care Medicad expenses alone were over $2 billion.

The Missouri Long Term Care Partnership program became effective in August, 2008. This program is a public-private partnership that provides Missouri residents with the option of affordable, quality long-term care insurance for needed care without depleting all their assets. A joint partnership between the state’s Medicaid program and the insurance companies, the Missouri Long Term Care Partnership Program is designed to provide Show Me State residents with an incentive to buy a Long Term Care insurance policy and better protect their assets. By purchasing a Long Term Care insurance policy through the Missouri Long Term Care Partnership program, Missouri residents are protected both by their private policy and eventually, if needed, by Medicaid.

Living in Missouri, residents have the choice of around 17 great Long Term Care Insurance companies that can help protect savings in the event of needing Long Term Care services. With this many companies to choose from, and the added security from the Partnership program, Long Term Care insurance should be a key part of Missouri residents’ retirment plans.

Most Popular Long Term Care Companies in Missouri

  • 1) Genworth
    2) Mass Mutual, Signature Care MM-500
    3) Mass Mutual, Signature CareMM-500
    4) Mutual of Omaha Mutual Care Plus
    5) Mutual of Omaha
    6) Genworth Privileged Choice Flex
    7) Transamerica
    8) Mass Mutual
    9) Mutual of Omaha MutualCare SecureSolution
    10) Mutual of Omaha Mutual CarePlus
    11) Prudential LTC3 2005
    12) Transamerica TransCare II 2012
    13) Genworth Privileged ChoiceFlex
    14) Federal LTC InsuranceProgram v2. 0
    15) New York Life LTC Select Premier

Most Insured Cities in Missouri

  • 1) Kansas City – last quote: $150/day
    2) Chesterfield – last quote: $100/day
    3) Columbia – last quote: $150/day
    4) St. Louis – last quote: $150/day
    5) Saint Louis – last quote: $200/day
    6) Ballwin – last quote: $150/day
    7) Springfield – last quote: $150/day
    8) Jefferson City – last quote: $150/day
    9) Florissant – last quote: $150/day
    10) St Louis – last quote: $150/day
    11) Lees Summit – last quote: $150/day
    12) O Fallon – last quote: $150/day
    13) Nixa – last quote: $150/day
    14) Wildwood – last quote: $150/day
    15) Blue Springs – last quote: $100/day

More on Missouri

At A Glance

  • Missouri does specify that compound inflation protection is required.
  • Many agents show plans with 5% Equal, despite that not being in the best interest of many clients.
  • See Chart below for age-based inflation requirements in Missouri.

State FAQ:

Missouri has instituted a state partnership program to help solve the problem of a lack of Long Term Care Insurance coverage for its residents via a Missouri LTC partnership program between private industry and the State.  Long Term Care Insurance covers the cost of services such as nursing homes, in-home 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 after spending down their assets, which can be difficult without exhausting all of your assets.

Under the program, the State of Missouri is required to develop partnerships using the dollar for dollar model. For every dollar that a long-term care partnership insurance policy pays out in benefits, a dollar of personal assets can be protected if you apply for Medicaid. In other words, if your long-term care partnership policy paid out $200,000 for your long-term care, an additional $200,000 of your assets would be disregarded when determining your Medicaid eligibility.

Insurance agents must take an eight-hour training course before selling partnership policies.  Agents will also need to take a four-hour continuing education course every other year.  As well as being offered by a State-certified insurer, being tax-qualified and offering the basic inflation protection available in most State Partnership polices nationwide. The Long Term Care Insurance inflation requirements are crucial here.  Inflation protection insures that your policy will pay out in tomorrow’s dollars and that your covered for the care you need.

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 Missouri Long Term Care Partnership Program that is right for you, no matter your age or financial status.