Long Term Care

Kentucky Long Term Care Costs & Insurance Information

Introduced by Representatives Brad Montell and Jeff Greer, the Kentucky Long Term Care Insurance Partnership Program was signed into law by Governor Steve Beshear on April 7, 2008. It was established as a partnership between the Kentucky Department of Insurance and the Department for Medicaid Services to maximize the use of long term care insurance policies and to help lessen the financial task of the state's Medicaid by encouraging the residents to purchase a private insurance policy.

Based on KRS 304.14-120, the Department of Insurance has the right to approve and authorize any long term care Partnership insurance policy that is available in the state. These policies should continuously meet the relevant federal and state laws and regulations. The Department also makes sure that any agent who sells long term care Partnership insurance understands and can demonstrate the features and details of such policy.

Below is the table of the 2012 Kentucky median cost of care data by Genworth Financial:

Region Homemaker Services Hourly Rate
Home Health Aide Hourly Rate
(Medicare Certified)
Assisted Living Facility Monthly Rate
(Private room)
Nursing Home Daily Rate
(Semi-private room)
Nursing Home Daily Rate
(Private room)
Bowling Green $16 $16 $3,238 $179 $190
Elizabethtown $16 $16 $196 $179 $198
Lexington-Fayette $18 $18 $2,670 $170 $190
Louisville-Jefferson County $18 $18 $3,650 $181 $204
Owensboro $14 $15 $1,711 $183 $191
Rest of State $16 $16 $2,393 $170 $177
Kentucky Long Term Care Insurance

Receiving in-home care services in Kentucky is such a burden to many of the state's residents because the figures go higher each year. At present, home care recipients are paying a home health aide $17 hourly or $38,896 annually to assist them with their activities of daily living. Another $17 per hour shall be required of them should they need somebody to do their laundry, clean the house, run errands for them, and cook their meals.

Nursing home care, on the other hand, will cost $207 a day or $75,555 annually for a private nursing home room.

There is not a single doubt that anyone who insists on paying for care out-of-pocket will end up impoverished. This can be prevented, though, through a Partnership Long Term Care Insurance policy.

Features of Partnership Long Term Care Insurance in Kentucky

This is the only insurance product that can spare families in Kentucky from wiping out their assets to expensive long term care services and reduce Medicaid's expenditures at the same time. Aside from this, it is tax qualified and complies with Section 7702B(b) of the Internal Revenue Code of 1986.

Kentucky's Partnership policies also provide comprehensive coverage and this includes in-home care, community-based care, and nursing home care among many others.

The following remain necessary features of a Long Term Care Insurance Partnership Program of every participating state:

About Inflation Protection in Kentucky

Inflation protection is an important feature of long term care insurance because it keeps pace with the increased cost of expenses and progresses with inflation by increasing the daily or monthly benefit amount of the policy.

Kentucky Reciprocity Standards

As part of the reciprocity standards of the states that have Long Term Care Insurance Partnership Program, these states will accommodate and give reciprocity to an Iowan who transfers to their state. This would make the policy holder qualified for asset protection.

The following are the reciprocity standards as published on the September 2, 2008 issue of Federal Register:

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.

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