SC Average daily benefit purchased: $ 143 per day.
There are close to 4.8 million people who call South Carolina home, and according to the US Census, over 650,000 of those residents are 65 or older. That’s over half a million people and counting in the Palmetto State who will increasingly need and use Long Term Care services (i.e. home health care, care in nursing homes, and/or care in assisted living facilities). If not prepared with Long Term Care Insurance, this growing number of seniors will put increasing economic stress on families and the state. In 2011, the total Long Term Care Medicad expenses alone in South Carolina were almost $1.3 billion.
The good news is, residents of South Carolina 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.
In 2009, the South Carolina Long Term Care Insurance Partnership Program became effective. This program is designed to encourage South Carolinians 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 (as well as estate recovery). These Partnership Plans help provide residents of South Carolina 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.