Long Term Care

Maryland Long Term Care Insurance Costs & Policy Information

As of 2011, Maryland’s senior population specifically individuals 65 and over have reached 728,536 or 12.5% of the state’s total population.  Meanwhile, the 85 and older population of the state rose 46.7% over a 10-year period as opposed to 29.6% nationally over the same period.

According to the projection of demographers, the above figures are going to double by 2030 and thus the likelihood of Maryland’s long term care costs to increase.

Most residents in Maryland turn to services of nursing homes for Long Term Care after receiving acute hospital care. Studies reveal that more women (68.98%) use nursing home facilities than men. Maryland residents aged 85 and above had the greatest average length of stay in nursing homes, compared with other age groups within the senior population. In fact, it was found out that the average age for nursing home residents in 2004 was 82 years old. Most nursing home residents are discharged to their homes. That is why studies on home health agency services are equally important in determining trends and data costs in Long Term Care industry.

Genworth Financial, a leading global insurance company, conducted a study on the current median cost of Long Term Care in the State of Maryland, focusing on metro areas where most of care is received:

Region Homemaker Services Hourly Rate
(Licensed)
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)
Baltimore-Towson $18 $19 $3,050 $255 $274
Bethesda $21 $22 $4,500 $270 $312
Cumberland $17 $18 $3,175 $225 $240
Hagerstown-Martinsburg $16 $18 $3,406 $240 $255
Salisbury $19 $19 $5,525 $206 $216
Rest of State $19 $21 $3,325 $216 $230
Maryland Long Term Care Partnership

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Many consider purchasing Long Term Care insurance to pay for these services while most seek assistance from Medicaid. Medicaid or specifically the Maryland Medical Assistance Program is a federal and state-funded assistance program serving the people of Maryland with low incomes and resources. However, residents must not exceed the Medicaid asset limit in order to qualify.

Maryland Long Term Care Partnership Program

The Qualified State Long-Term Care Insurance Partnership is a partnership program between the State of Maryland and private Long Term Care insurance companies. Having been established in December 15, 2008 in accordance with the 2005 Deficit Reduction Act, the program is relatively new, compared with other states that have long adopted a Partnership program. A state plan amendment was approved by the Centers for Medicare and Medicaid Services and took effect last January 1, 2009. The state plan amendment provides disregard of assets or resources and is under the administration of the Maryland Department of Health and Mental Hygiene. The program allows residents of Maryland to retain financial assets beyond the asset limit of Medicaid if they apply for assistance after exhausting their insurance policies.

Partnership Policies

Partnership policy is a Long Term Care insurance policy with Partnership coverage. The Maryland Insurance Administration certifies qualified Long Term Care policies offered by insurance companies to be Partnership policies, in accordance with the Code of Maryland Regulations (COMAR) 31.14.03.

All Partnership policies include a Partnership Policy Status Disclosure Notice. This partnership disclosure notice identifies the policy purchased to be a Partnership policy. It describes the benefits and consumer protection features, as well as the actions that may disqualify your policy as a Partnership policy. Partnership policy may be lost when the policyholder moves to a different state, makes modifications after the policy has been issued, or if there are changes in federal or state laws.

Features of Partnership Policies

Medicaid Asset Protection

This policy benefit allows disregard of assets of the policyholder equal to the dollar amount of insurance benefits received. Therefore, if the policyholder received $150,000 of insurance benefits, he may retain $150,000 of financial assets beyond the asset eligibility limit of Medicaid. Assets are thus protected from the spend-down requirements of Medicaid, assuring residents of Maryland of a dignified life in the future.

As the policyholder uses benefits of his Partnership policy, he may request a Partnership policy summary from the insurer to keep track of the accumulated dollar amount of insurance benefits paid and the total dollar amount of insurance benefits remaining available.

Inflation Protection

Inflation protection is an important feature of all Partnership policies; it increases policy benefits to cope with increases in cost of services in the future. Inflation protection depends on the age of the individual when the policy was purchased. Policies issued to policyholders below age 61 must include either at least 3% compound annual inflation or at an interest rate equal to the annual increase in the Consumer Price Index (CPI). Policies issued to those aged 61 to 75 include some inflation protection. If the individual is 76 years old or older, the Partnership policy is not required to include an inflation protection.

Tax Qualified Policy Feature

Partnership policies must be qualified Long Term Care insurance. Under federal tax law, a portion of the premiums paid for tax-qualified insurance policies may be deducted during filing of income tax.

Date of Issue

Policies that were issued before January 9, 2009 do not qualify for the Partnership Program and cannot be converted to a Partnership policy, though an exchange may be an option in the future.

Obtaining a Partnership policy in Maryland

Only insurance companies licensed in the State of Maryland may offer and sell Long Term Care insurance policies. An agent must complete a one-time 8 hour training course and a refresher course every 24 months.

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