Missouri Long Term Care Policy Information & Statewide Cost Data
There are about 839,000 people in Missouri who are age 65 and above with cognitive impairments and other disabilities that require Long Term Care according to the 2011 AARP data. Missouri has several nursing facilities and even ranks 5th in the total number of nursing facility beds in the United States, with a high occupancy rate of 74%. According to Genworth Financial's 2012 Cost of Care study, nursing home rates as well as home health services in Missouri have steadily increased every year over a five-year period. Assisted living facilities, on the other hand, showed a decrease in rates in the last five years. Below are the current costs of Long Term Care across Missouri.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Cape Girardeau - Jackson||$17||$21||$2,495||$140||$152|
|Rest of State||$18||$18||$2,140||$124||$137|
Medicaid may help pay for these Long Term Care costs. However, Medicaid is only available to eligible, low-income residents of Missouri who meet asset limits and belong to certain group categories. Without private insurance, residents may pay for services out-of-pocket but eventually exhaust personal assets to meet Medicaid's financial standards. Missouri's Medicaid program requires residents not have more than $999.99 of assets and resources.
Missouri Long Term Care Partnership Insurance Program
Missouri's Long Term Care Partnership was launched August 1, 2008 through the Deficit Reduction Act of 2005 that allowed the State of Missouri to establish a Long Term Care insurance partnership program. The private-public collaboration is made up of participating private insurance companies and state government, namely the Missouri Department of Insurance, Financial Institutions & Professional Registration (DIFP). The Missouri Medicaid Program (administered by Missouri Department of Social Services: Family Support Division) and the Missouri State Health Insurance Assistance Program or CLAIM also help in addressing questions on Medicaid assistance and Long Term Care planning, respectively. This collaboration hopes to encourage the people of Missouri to take action now and plan ahead, ensuring them of an independent future relating to their Long Term Care needs.
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The objective of the Partnership program is to provide Missourians high-quality insurance plans with consumer benefits. One of these benefits include asset disregard that enables policyholders to keep assets and resources beyond the normal asset limit of Medicaid, in the event that they apply for Medicaid assistance after using some or depleting all of the insurance benefits of their Partnership policies.
Missouri's Partnership program follows the Dollar-for-Dollar model. Other Partnership states follow the Total Asset Protection model, while some use a combination of the two models. In the Dollar-for-Dollar asset protection, every dollar amount the policy pays out in benefits matches an equal amount of the policyholder's assets that will not be counted towards Medicaid eligibility. An individual who purchased a Partnership policy may apply for Medicaid assistance anytime as policy exhaustion is not a requirement in Missouri. However, purchase of a Partnership policy does not automatically qualify a policyholder for Medicaid assistance.
What is a Long Term Care Partnership Policy
A Partnership policy is a Long Term Care insurance policy that meets the requirements of the Partnership program of Missouri. Partnership policies must meet three basic requirements:
1. Meets the requirements of the National Association of Insurance Commissioners' Long-Term Care Insurance Model Act and Model Regulation.
2. Inflation Protection - all Partnership policies must provide inflation protection. Policies issued to individuals below age 61 must include 5% compound annual inflation protection. If the individual does not prefer this option, a minimum of 3% or changes based on the consumer price index (CPI) must then apply.
3. Tax Qualified Policy Feature - a Partnership policy is a qualified Long Term Care insurance policy as defined in Section 7702B(b) of the Internal Revenue Code of 1986.
A non-partnership policy purchased before February 8, 2006 may be exchanged for a Partnership policy. Inquire directly with your insurer to discuss the addition of Partnership benefits to your existing policy. Insurance companies must likewise offer their policyholders the opportunity to exchange non-partnership plans to Partnership policies within 180 days from the date the company is approved to offer and sell Partnership plans. This gives individuals who purchased insurance plans after February 8, 2006 the chance to exchange.
Partnership policies purchased in Missouri may allow policyholders to qualify for Dollar-for-Dollar asset protection in other Partnership states. However, it is important to check with the state that you plan to move into, as not all states will participate in a national reciprocity agreement. Furthermore, you must satisfy the eligibility requirements of the Medicaid program of that state.
Obtaining a Partnership Policy in Missouri
Inquire from carriers licensed to offer Long Term Care insurance in Missouri. Policies must be approved by the Missouri Department of Insurance, Financial Institutions & Professional Registration. Agents must complete a Long Term Care insurance course and Partnership training to be able to negotiate and offer Partnership plans.
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Missouri Long Term Care Insurance References
- State-Specific Data From The Genworth 2010 Cost of Care Survey.
- Own Your Future. The State of Missouri Long-Term Care Partnership Program.
- 20 CSR 400-4.110 Qualified Long-Term Care Partnership Program. Missouri Department of Insurance, Financial Institutions and Professional Registration.
- Missouri Qualified Long-term Care Partnership Program Act.
- Across the States. Profiles of Long-Term Care and Independent Living. 8th Edition. 2009. AARP.