North Dakota Long Term Care Partnership, Costs & Insurance Quotes
On January 1, 2007, with the cooperation of private insurers and the North Dakota government, the state adapted the Deficit Reduction Act (DRA) of 2005 which authorizes the operation and utilization of Long Term Care Partnership Programs in several states.
Under the North Dakota Long Term Care Partnership Program, policyholders can apply for Medicaid assisted coverage provided that they meet certain financial eligibility and requirements for estate recoveries specified on the DRA. Partnership qualified policies carry the Asset Disregard feature that allows policyholders to keep a portion of their assets that is equal to the total amount of insurance benefits that they receive should they need to apply for Medicaid in the future. Said amount of assets will not be considered or taken into account in determining Medicaid eligibility.
Below are median Long Term Care costs in key areas of North Dakota according to Genworth Financial:
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Fargo - Moorhead||n/a||n/a||$1,790||$160||$185|
|Rest of State||$24||$24||$3,000||$195||$207|
North Dakota Long Term Care Partnership Guidelines
Aside from a certificate issued to a group insurance contract, a policy must have the following requirements in order to be considered as an authorized and valid partnership policy:
1. The policy must meet the definitions of a qualified long term care insurance program as stated in the Internal Revenue Code of 1986.
2. The policy must be issued on or after the effective date of North Dakota Long Term Care Insurance Partnership Program, which is January 1, 2007.
3. The policy must insure an individual who was a resident of North Dakota when the coverage and policy was first effective.
4. The Federal Consumer Protection requisites of the Social Security Act must be fulfilled.
5. The policy must have proper inflation protection based on the policyholders' age at the time of the acquisition of the coverage.
- Below 61 years old - the policy must have compound annual inflation protection. Such inflation protection may only end when the policyholder reaches age 76 or when the policy doubles, whichever comes first.
- 61 years old - 75 years old - the policy should provide some level of simple or compound inflation protection.
- 76 years old above - no inflation protection is required.
Once the requirements above were met and fulfilled by the insurer, a notice will be sent to the policyholder to inform them that the policy they acquired has qualified as a certified partnership policy. When the individual applies for Medicaid, a notice stating that it still continues to meet the Partnership Policy requirements must be provided.
North Dakota Long Term Care Partnership Reciprocity
The North Dakota Long Term Care Partnership Program has reciprocity standards wherein a North Dakota resident who is a current state partnership policy holder may transfer to another state without losing the asset protection as long as the state they transferred to also has such reciprocity agreements.
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