Here you will find the basic considerations of State LTC Partnerships with additional featured "Expert Advice:" power point presentations on these Medicaid options from Ed Shayne, LUTCF . As an insurance expert and declared proponent of LTC, Ed has provided assistance with these programs for over 20 years in his effort to provide essential coverage to all.
Many begin the cycle of long term care at home with moderate to comfortable wealth only to begin "spending down" their assets while experiencing the inevitable and higher costs associated with Assisted Living or Nursing Home Care.
State LTC Partnerships can provide Medicaid LTC benefits and protect some assets from the required "spending down" to the Medicaid poverty requirement of $12,000 or less in total assets.
Examples of the Dollar to Dollar Asset Protection of State LTC Partnership Plans:
|
Daily Benefit
|
Benefit Period |
Allowable Asset Retention * |
|
$200
|
4 years |
($200 X 365 Days X 4 Years) = $292,000 |
| $300 |
3 years |
($300 X 365 Days X 3 Years) = $328,500 |
| $400 | 2 years |
($400 X 365 Days X 2 Years) = $292,000 |
The selection of Daily Benefit and Benefit Period is very important in these plan because any increase in cost or length of care can cause the insured to self pay these costs out of the very assets they sought to protect wasting all past premium.
States that do not participate in the State LTC Partnership:
States that have income caps and so are called Cap States:
- AK, HI, IL, MI, MS, NC, NM, UT, WV.
States that have income caps and so are called Cap States:
- AL, AK, AR, AZ, CO, DE, FL, ID, IA, LA, MI, NV, NM, OK, OR, SC, SD, TX, WY.
