NV Average daily benefit purchased: $ 142 per day.
Nevada’s population is close to 3 million people, and as the US Census shows, almost 325,000 residents in the Silver State are 65 years or older. That’s over a quarter of a million residents and counting in Nevada who will increasingly need and use Long Term Care. If not prepared with Long Term Care Insurance, this rising number of seniors will put increasing economic stress on families and the state. In 2011, the total Long Term Care Medicaid expenses alone (not counting additional, private Long Term Care expenses) were almost $390 million in Nevada.
The Nevada Long Term Care Partnership program was established under provisions of the federal Deficit Reduction Act of 2005. This program provides an alternative to depleting assets by forming a partnership between Medicaid and private long-term care insurers. People who purchase Long-Term Care Partnership policies may be able to qualify for Medicaid before spending all of their assets. Purchasing a Long Term Care insurance policy through the partnership program means Nevadans are not only protected by their policies, but also by Medicaid if they ever exceed the benefits of that policy.
When planning for retirement, Long Term Care Insurance is a key component for securing one’s financial future. In Nevada, 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.