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.