Montana Long Term Care Costs & Insurance Quotes
According to the 2011 U.S. Census, Montana ages faster than the rest of the states with 15.2% of the population 65 years and older as compared to the 12.5% of all the other states. Meanwhile, studies have revealed that Montana is projected to rank 3rd in the whole of United States by 2030 for percentage of residents who are 65 years old or older.
With this in mind, the State Plan on Aging has streamlined their goals in order to provide their elderly residents a chance of having better and more comfortable life through assistance and other benefits made especially for their advantage. The benefits include access to health and long-term care via Aging and Disability Resource Center programs, enable them to get community or home-based long-term care services, and continue to make use of the other long-term care programs and services.
After the creation and implementation of the Deficit Reduction Act of 2005, which initiates the utilization of Long-Term Care insurance Partnership Program, the state of Montana has decided to adopt and acknowledge the benefits being offered by the program.
The Montana Long-Term Care Insurance Partnership Program is a joint effort between the local state government and some private companies who share the same vision of providing Montanans with affordable long-term care insurance policies. The Partnership Program allows them to still apply and qualify for Medicaid benefits should they require continuous care after having exhausted their insurance benefits.
Through the Dollar-for-Dollar asset protection feature, the insured individual gets to keep a portion of his assets when he applies to Medicaid. The amount of assets that he will be able to exempt from the program’s spend down rule should be equivalent to the dollar amount that his policy has paid out in benefits.
Below are the median costs of long term care services in Montana according to Genworth Financial’s 2012 Cost of Care Survey.
|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||$18||$20||$3,000||$171||$187|
The Montana Long Term Care Partnership Program Features
Although the requirements and qualifications for each state may vary, all partnership policies should have the following mandatory features:
- A minimum of 3-year benefit period
- A minimum daily or monthly benefit amount
- Inflation protection for policies acquired at younger ages
Montana Long Term Care Partnership Policy Requirements
- For a policy to qualify for the benefits offered by the Partnership Program, its issue date should not be earlier than July 1, 2009.
- It should comply with federal requirements as defined in Sections 33-22-1107(9) of the 2011 Montana Code Annotated and IRS Code Section 7702B.
- Qualified policies must provide age-based inflation protection.
Inflation Protection on Long Term Care Insurance Policies
All partnership policies, to be considered authorized and valid, should offer certain levels of inflation protection to all policyholders. This is one of the most important features of long-term care plans because the value of your policy keeps up with the increasing costs of LTC services. You may end up using long-term care services that are higher in value than what you have actually paid for. Below are the levels of inflation protection that a partnership policy provides:
- 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
Reciprocity Standards for Long Term Care Plans
Some participating states also have reciprocity agreement wherein a partnership plan purchased in a certain state is still valid and can still be used by the policy owner should he decide to transfer to another state at the time of his long-term care partnership policy usage. This kind of agreement is only applicable to those states who also offer partnership policies and participates in the reciprocity standards of LTC Partnership policies.
Who qualifies for an LTC Partnership Policy in Montana?
Owning a Partnership policy does not ensure an automatic qualification to Medicaid benefits. Eligibility is determined on a case-to-case basis and applications should be supported by financial and non-financial requirements that an applicant may be asked to provide. Proofs of income and other financial resources, proof of citizenship or residency, and the applicant's Social Security number must all be provided in order to process and determine his eligibility for Medicaid benefits.
Medicaid benefits will be discussed by an eligibility officer during an interview with the Medicaid insurance applicants.
Fill out this short form to get your free quotes from all providers
We don't just offer one solution. We shop all of the major carriers in Montana to offer you the best price. With our 35+ years of Long Term Care insurance experience, we'll save you time and money on your Long Term Care Insurance quotes. We only use your personal information to formulate your quotes and discounts. We will also email you a complimentary copy of the 2011 NAIC Shopper's Guide to Long Term Care Insurance so you can learn even more about LTCi.