More on West Virginia
The state of West Virginia has created a Long Term Care Insurance Partnership Program dubbed “The Partnership for Elder” living which aims to tackle the problem of lack of Long Term Care Insurance coverage for its residents. This “crisis” in long-term care is a national phenomenon, however, and not specific to West Virginia by any means. As West Virginia’s population ages and awareness of the need for Long Term Care Insurance remains low, many people are waking up to the reality that they will someday need long-term care and thus should purchase a Long Term Care Insurance policy. 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, which can be difficult without exhausting all of your assets.
West Virginia’s innovative “Partnership for Elder Living” shows that the State “is committed to fostering West Virginians’ ability to age in place with improved economic security and in a setting they choose, whether at home, in a residential care facility, or elsewhere.” West Virginia has one of the oldest populations in the country, and the number of aging West Virginians is rapidly increasing. Couple that fact with the fact that West Virginia also has the nation’s highest disability rate and you have a dangerous combination for those who don’t have Long Term Care Insurance coverage. West Virginians also have less access to long-term care services and thus will need services such as in-home care more than many States.
“The Partnership seeks to bring together these varied efforts to create an integrated network of thought and action. By emphasizing collaboration and communication, we will propel statewide progress to support West Virginians in a more successful and financially secure aging experience.” This is a positive development as a recent study found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers. Furthermore, a full 35% think they will never need long-term care assistance, and given that the Department of Health and Human Services estimates that 67% of all Americans will need long-term care at some point after they pass age 65, there is a huge mismatch between reality and perception here. Thus, many Americans are now at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves.
Residents of West Virginia are encouraged to visit LTC Tree’s Partnership Center for more information on the various options available. The basics of the program are as follows:
“The purpose of this program shall be to reduce Medicaid costs for long-term care by encouraging the purchase of private long-term care insurance policies that are covered under the qualified state long-term care insurance partnerships.”
It is the intent of the long-term care partnership to do all of the following:
- Provide incentives for individuals to insure against the costs of providing for their long-term care needs.
- Provide a mechanism for individuals to qualify for coverage of the cost of their long-term care needs under Medicaid without first being required to substantially exhaust their resources.
- Alleviate the financial burden on the state’s medical assistance program by encouraging the pursuit of private initiatives.
Detailed information about the partnership and its regulatory framework is available here.
If you are a resident of West Virginia and want to start planning today for your future long-term care needs and securing all that you’ve worked so hard to achieve for your retirement, look into purchasing a Long Term Care Insurance policy. LTC Tree can assist you in finding a plan through the West Virginia Long Term Care Partnership Program that is right for you, no matter your age or financial status.