Arkansas Long Term Care Cost and Insurance Partnership Information
Arkansas happens to be among those states that rely so much on Medicaid to cover their long term care needs specifically nursing home expenses. Through the enactment of Act 99 in 2007 the Arkansas Long Term Care Partnership Program came to be.
The said Program aims to further boost the state's efforts to prepare and educate its citizens on the advantages of acquiring a long term care insurance policy for their future needs.
Arkansas has a total population of 2,937,979 as of 2011 and 14.6% of this belongs to the 65 and older age bracket. Meanwhile, 17,889 of which are residents of 236 certified nursing facilities or a 72.8% nursing facility occupancy rate.
The purpose of the state's long term care Partnership Program is to get Arkansans to plan their future health care needs with a qualified a long term care insurance policy so that they will not end up wiping out their assets to the soaring cost of care. Aside from this, it also aims to keep senior citizens from spending their hard-earned and lifelong savings to expensive insurance policies.
Below is the 2012 median cost of care data as accumulated by Genworth Financial.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|AR/OK - Fort Smith||$17||$17||$2,213||$134||$150|
|Rest of State||$17||$17||$2,700||$145||$150|
Features of the Arkansas Partnership for Long Term Care Insurance
- Must have a minimum daily benefit amount
- Must have a 3-year minimum benefit period
- Must have inflation protection at younger ages
One of the most notable features of a Partnership qualified policy is the Asset Disregard because it allows the policyholder to protect his assets equal to the amount of long term care benefits that he received from his policy should he decide to apply for Medicaid coverage after having exhausted his long term care insurance benefits.
To qualify for the Asset Disregard, though, a policyholder must be a legitimate resident of the state of Arkansas when the coverage became operative. His Partnership policy should have been issued after July 1, 2008 as this is the date that the Partnership Program took effect in Arkansas. The Partnership Program also demands insurance companies who issue Partnership policies to come up with a report consisting of the amount of benefits paid and an acknowledgement of a terminated policy.
Long Term Care Insurance Inflation Protection in Arkansas
All applicants for long term insurance must be offered inflation protection as stated on Arkansas Rule 13. Based on Arkansas Rule 94, all partnership policies must have inflation protection for policyholders until they reach the age of 75. If the requirements for the inflation protection are not sustained, the partnership status might be forfeited.
Medicaid Eligibility in Arkansas
Medicaid eligibility has specific rules for those who are planning to enroll in their long term care partnership program, as set by the Arkansas Department of Human Services. Arkansas will cooperate with the other states for insurance policies and the details of the reciprocity agreements are to be published by Centers for Medicare and Medicaid Services (CMS).
A Long Term Care partnership policy does not ensure access to Medicaid. Individuals who intend to apply for the partnership must conform to the all other Medicaid eligibility qualifications and requirements in order to be entitled for Arkansas Medicaid policy.
The eligibility is determined on a case-to-case basis and completed by the applicant's local Department of Human Services (DHS) county office. It has financial and non-financial requirements, which may include proofs of income and other financial resources, Arkansas residency proof of citizenship and identity, and a Social Security number. Applications may be done online, by telephone, fax or mail.
Medicaid Coverage in Arkansas
The Medicaid coverage and benefits will be discussed by an eligibility worker during an interview with those who will apply for Medicaid insurance. Medicaid caters to aid the policyholders with their needs which may include, but not limited to, emergency hospital services, physician services, nursing facility care, laboratory expenses, and payment of Medicare premiums.
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