Idaho Long Term Care Costs & Insurance Information
With a purpose to help the residents plan and prepare for their medical care and needs in the future, the state of Idaho, together with some private insurers, launched the Idaho Long Term Care Insurance Partnership Program in November 2006. It aims to provide aid and assurance of a secured and better living after retirement.
A person who has purchased a Partnership policy may qualify for Medicaid coverage without spending all their assets. The policyholders' personal assets will be disregarded by the state once the person's eligibility for Medicaid assistance is validated and recognized.
The table below shows the 2012 Idaho median costs of care data 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
|Rest of State||$17||$20||$2,735||$180||$194|
Features of Partnership Long Term Care Insurance in Idaho
Before buying a Partnership qualified long term care insurance policy, it is important that you have to meet the medical underwriting of the insurance firm in the same way that you would for a non-Partnership policy.
Long Term Care Insurance Partnership Programs vary by state but the following remain compulsory:
- Must have a minimum daily benefit amount
- Must have a 3-year minimum benefit period
- Must have inflation protection at younger ages.
Idaho Partnership Long Term Care Insurance Policies carry the following benefits:
- maximum daily or monthly benefit amount
- choice of elimination period or deductible
- comprehensive coverage that includes in-home care, adult day care, assisted living, and nursing home coverage
- benefit period (pool of money)
- premium discounts
About Inflation Protection
A long term care insurance policy may qualify for Idaho's Long Term Care Insurance Partnership Program if it provides the following levels of inflation protection:
- Age 61 below - Automatic compound inflation of at least 5%
- Age 61-75 - Automatic annual inflation of at least 5% (simple or compound)
- Age 76 and beyond - No inflation required (may be purchased by choice)
A policy may also qualify for the state's partnership program by having an inflation protection which assures an increase in benefit of not less than the yearly percentage change in the Consumer Price Index (CPI). The CPI adjustments for policies sold to a policyholder below 61 years of age must be on a compounding basis.
Idaho Reciprocity Standards
Idaho Long Term Care Insurance Partnership Program participates in the reciprocity agreement with the other states that also have partnership policies. Based on Section 56-1303 of the Idaho Code, the department may enter into reciprocal agreements with the other states to extend the asset disregard to the residents of the state who purchased long-term care policies in another state which has same asset disregard programs.
The following are the reciprocity standards as published on the September 2, 2008 issue of Federal Register.
- 1. Medicaid applicants who purchased an LTC policy in a state participating in the reciprocal agreement and who has received benefits under their private LTC policy will receive an asset disregard in an amount equal to the benefits received (dollar for dollar).
- 2. The asset disregard procedure and calculations must be uniform among the states participating in the reciprocal agreement.
- 3. Amount of assets equal to the benefits received under the LTC policy will be exempted from the spend down rule and Medicaid estate recovery.
- 4. If a person moves from the state in which his or her partnership policy was issued and later applies for Medicaid in another state participating in the agreement where they are determined to be eligible for Medicaid using the asset disregard, the asset disregard may not be revoked upon eligibility redetermination if the state subsequently withdraws from the reciprocal agreement.
The above reciprocity standards only apply to the asset disregard, effective on January 1, 2009. Applicants may only be qualified for the asset disregard eligibility if the state wherein they purchased their LTC policy and the state where they apply for Medicaid both participate with the reciprocal standards.
Idaho Medicaid Eligibility
Medicaid eligibility may be determined by submitting financial and non-financial requirements such as proofs of income and of other financial resources, Idaho residency proof of citizenship and identity, and a Social Security number.
Applications for Medicaid eligibility may be done online, by telephone, fax, and mail.
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