Michigan Long Term Care Policy Quotes & State Cost Information
Michigan's 65 and over population currently makes up 14.1% of the state's total population according to the U.S. Census Bureau's data as of 2011. This age group is, indeed, growing at a very fast rate and so is Michigan's cost of care which has, in fact, outpaced the national average already.
For their loved ones to obtain quality services from a home health aide, families of in-home care recipients in Michigan are spending $20 per hour or $45,714 annually. Meanwhile, those receiving skilled care in nursing homes due to a chronic illness or cognitive impairment are required to pay $240 daily for a private room which is equivalent to an annual spending of $87,600.
For the current cost of care in key cities of Michigan, you can refer to the chart below courtesy of Genworth Financial, one of the renowned long term care insurance companies in the country.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Kalamazoo - Portage||$18||$20||$3,921||$235||$260|
|Lansing - East Lansing||$20||$20||$2,383||$213||$225|
|Muskegon - Norton Shores||$24||$20||$2,350||$213||$237|
|Niles - Benton Harbor||$19||$20||$2,363||$179||$190|
|Rest of State||$19||$20||$2,250||$188||$205|
Michigan Long Term Care Insurance
Long term care insurance helps Michiganians avail quality long term care services and preserve their assets which they are more likely to use up should they choose to self-insure or pay out-of-pocket.
Long term care insurance policies come in different features and each offers a unique benefit package that is designed to meet a specific individual's health care requirements. However different they are, all of these products have one objective and that is to ensure coverage for people who might need it someday.
Michigan Long Term Care Partnership Program
Section 400.112c of Act 280 of 1939 states the purpose of the establishment of the Michigan Long Term Care Insurance Partnership Program. According to the law, Michigan Department of Community Health together with the Office of Financial and Insurance Services and the federal Department of Human Services should establish a Partnership Program that will allow the public to finance their long term care needs through private insurance and Medicaid.
By purchasing a Partnership-qualified policy, an individual will be able to protect his nest egg from being wiped out by expensive long term care services and should he require ongoing care after having exhausted his benefits, he can simply apply to Medicaid without complying to the program's spend down rule.
Features of a Michigan Long Term Care Insurance Partnership Policy
- Asset Disregard – Every dollar a Partnership-qualified policy pays out in benefits will allow the policyholder to keep a dollar of his assets from estate recovery should he apply for Medicaid assistance in the future.
- Michigan resident – One should be a resident of Michigan when his Partnership coverage became effective.
- Date of Issue –Partnership-qualified policies are those that are issued on or after the date the Michigan Partnership Program takes effect.
Michigan's reciprocal agreement with other Partnership states is in the works.
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