Louisiana Long Term Care Costs, Partnership Information & Insurance Quotes
The Louisiana Long Term Care Insurance Partnership Program was made known and officially announced to the public at a news conference on March 23, 2010. Just like other Partnership Program of the other states, the Louisiana Partnership Program aims to offer Louisiana residents an alternative in planning their long term health care needs.
This Partnership Program between the state government and private insurance companies encourages citizens to plan ahead and consider buying a Partnership policy in which they can have additional benefits such as inflation protection and Dollar-For-Dollar asset protection.
Below are the median Louisiana Long Term Care Costs per region for the current year:
|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||$14||$14||$2,853||$135||$142|
Louisiana Long Term Care Partnership Program Details
The Dollar-for-Dollar asset protection is a unique feature of the Partnership Program. It allows the policyholder to keep a dollar of assets for every dollar that is paid out to him in insurance benefits by his Partnership policy. With this, the policyholder can avoid spending down all his assets should he need to avail of Medicaid services in the future.
Each of the states participating in the Partnership Program is also required to provide certain levels of inflation protection that will protect consumers from the constantly soaring cost of care. The age-based inflation protection will automatically increase a policyholder’s insurance benefits to ensure that these remain competitive. Inflation protection levels vary according to the following age brackets:
60 years old and younger – 5% automatic compound inflation protection
61 to 75 years old – some level of inflation protection
76 years old and over – inflation protection may be offered but it’s not required
The younger age you purchase a partnership policy, the lower your yearly premium would cost.
Since the Louisiana Long Term Care Partnership Program is still new, the terms of reciprocity and asset disregard program are still being established and worked on.
As of July 2012, the following companies have been listed by the Louisiana Department of Insurance as licensed to sell Partnership Long Term Care Insurance Policies:
- Allianz Life Insurance Company
- American General Life Insurance Company
- Bankers Life and Casualty Company
- Genworth Life Insurance Company
- Great American Life Insurance Co.
- John Hancock Life Insurance Co.
- Massachusetts Mutual Life Insurance Company
- Mutual of Omaha Insurance Company
- New York Life Insurance Company
- Northwestern Long Term Care Insurance Co.
- Physicians Mutual Insurance Company
- State Farm Mutual Automobile Insurance Co.
- Transamerica Life Insurance Company
- United of Omaha Life Insurance Company
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