Ohio Long Term Care Insurance Information & Statewide Cost Data
According to a survey conducted by Genworth Financial, the average annual cost of a private nursing home room in Ohio is $81,213 while a semi-private room is $73,000. These figures are not too far from the national annual median costs of the same long term care facilities.
However, Long Term Care is no longer just provided in and limited to nursing homes. Care, both medical and non-medical in nature, may also be received at home or in assisted living facilities. Caregiving families in Ohio spend, on average, $43,197 for a Medicare Certified Home Health Aide and $44,550 for an assisted living facility. Long term care costs in Ohio vary distinctively according to city as what can be seen below.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Canton - Massillon||$17||$17||$3,458||$184||$195|
|Cincinnati - Middletown||$19||$17||$3,600||$190||$210|
|Cleveland - Elyria - Mentor||$19||$17||$2,850||$195||$208|
|Youngstown-Warren - Boardman||$15||$17||$2,874||$195||$212|
|Rest of State||$16||$17||$2,624||$160||$184|
Without insurance, people must pay their Long Term Care costs out-of-pocket until assets are at low enough levels to be eligible for Medicaid assistance. Medicaid program of Ohio requires that residents must have assets of $1,500 (individual) or $2,250 (couple) to qualify.
Ohio Long Term Care Insurance Partnership Program
On September 1, 2007, Ohio Revised Code 5111.18 enabled the Ohio Department of Job and Family Services, in collaboration with other departments such as the Department of Insurance, and Department of Aging, to establish a partnership with the Ohio insurance industry. Named as Ohio's Partnership for Long Term Care Insurance, the program aims to encourage sale and marketing of quality but affordable policy plans to Ohioans who may turn to Medicaid for their future Long Term Care needs.
Aside from the Medicaid asset limit, an individual with a Partnership policy shall be able to keep the amount of his assets that matches the total amount of benefits he has received from his policy should he apply for Medicaid assistance after using up his insurance benefits. This is called Medicaid Asset Protection. Therefore, if the Partnership policy has paid $30,000 of Long Term Care benefits and services, an individual may keep $31,500 of assets and still be eligible for Medicaid program, provided all other requirements are satisfied during application.
Requirements of Ohio Long Term Care Partnership Policies
Aside from the hallmark feature of Medicaid Asset Protection, Partnership policies include the following features:
- Inflation protection minimums - A 3% minimum inflation benefit (compound or linked to consumer price index) included in policies issued to policyholders aged 60 or below while 3% inflation benefit (simple or linked to CPI) for those aged 61 to 75. Inflation benefit is optional to Ohioans aged 76 and above.
- Access to Medicaid program even when the Partnership policy benefits are not exhausted. You may visit www.jfs.ohio.gov/ohp for information on Medicaid eligibility.
- The policyholder should be a resident of Ohio when his coverage went into effect.
- Policy should comply with consumer protection requirements specified in section 1917(b)(5)(A) of the Social Security Act (42 U.S.C. 1396p(b)(5)(A))
- Private insurance policies purchased on or after August 12, 2002 may be exchanged to Partnership policies. You can contact your insurance carrier or agency for more information.
- Reciprocity agreement, wherein policyholders are allowed to claim Medicaid Asset Protection benefits in a state other than where the Partnership policy was obtained.
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