Maine Long Term Care Costs, Information & Insurance Quotes
The Maine Long Term Care Insurance Partnership Program was established in accordance with the Deficit Reduction Act (DRA) of 2005 and was approved by the Centers for Medicare and Medicaid on November 10, 2009. It has a retroactive effective date of July 1, 2009.
This program was initiated to provide more benefits and alternatives for Maine residents to secure their future needs by acquiring their own long term care plan. MaineCare, Maine's Medicaid, was tasked to administer the program.
On September 28, 2011, Maine's lawmakers enacted a statute that requires all insurance companies marketing individual and group Partnership policies to Reissue Qualifying Long-term Care Partnership Policies so that owners of non-Partnership policies who wish to take part in the state's Long Term Care Partnership Program can do so.
As the senior population of Maine continues to increase, the cost of care has increased significantly, too. As of 2011, Maine has an estimated total population of 1,328,188 and 16.3% of this number is comprised of residents aged 65 years old and above. Unfortunately, only a handful of these older Americans can say with all honesty that they are ready to face the cost of care.
Below are the current long term care costs in key areas of Maine according to Genworth Financial, one of the leading long term care insurance providers.
|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||$20||$20||$4,157||$250||$273|
The Maine Long Term Care Partnership Program
A person may be eligible for the Partnership Program if he meets the criteria for eligibility which includes being insured under a long-term care insurance policy, with personal assets to pay for their policies without using their MaineCare coverage benefits. The benefits include coverage and support for their long term care services and needs under MaineCare if the person has already maximized the allotted coverage of his long-term care policy.
A policy may be regarded as a qualified or authorized Long-Term Care Insurance Partnership policy if it follows the following requirements:
- Policy was issued after July 1, 2009.
- Policy issued before July 1, 2009 was exchanged for a Partnership qualified policy not later than September 28, 2012.
- The policyholder should be a resident of Maine when the coverage took effect.
- The policy must be tax-qualified and must have consumer protection standards.
- Under 60 years old: The policy is required to have Annual Compound inflation protection
- 61 to 75 years old: The policy may have Simple or Compound Inflation
- 76 years old and above: No inflation protection required
The Maine Long Term Care Insurance Partnership Program offers reciprocal arrangements in order to extend its coverage and benefits to its policyholders if they decide to transfer to other states which also has reciprocal standards.
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