Rhode Island Long Term Care Insurance, Costs & Partnership Information
According to the census conducted in 2011, Rhode Island has a total population of 1,051,302. Out of this number 154,541 are 65 years old and older which is equivalent to 14.7%. This is probably why the public and private communities devised quite a number of programs with the main goal of educating senior citizens on healthy living and different ways to avoid diseases and disabilities. The government also jumped on the bandwagon of designing programs for the elderly.
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LTC Programs Available in Rhode Island
One of the programs designed for the betterment of long term care in Rhode Island is named Rhode Island Fall Prevention Partnership. The name speaks for itself that you can easily grasp its main objective. Statistics show that falling is one of the major causes of medical disabilities. This is the reason that members of this Partnership find it very important to impart to the elderly of Rhode Island the effects and severity of a fall. This program is sponsored by the Long term Care Coordinating Council and is composed of different foundations, associations and councils whose main focus is on caring for the elderly of the state of Rhode Island. The government also supports the program since two of its members are the RI Department of Elderly Affairs and the RI Department of Health.
Another program worth mentioning is actually a program that is funded by the government itself. The name of the program is the Annual Medicare Enrollment Event. As the name suggests, it is an annual event wherein people are encouraged to meet at a plaza with agents. Consider this as a form of group therapy for people who are not even considering getting a Medicare Prescription Drug Plan either for themselves or for their loved ones. Residents who want to talk to people who are also looking for plans can meet up and talk all they want.
These are only two of the many programs in Rhode Island that concentrate on the needs of the elderly. Even though these programs seem to be entities of their own, they still play a valuable part in the relationship of the residents of Rhode Island and different long term care plans simply because programs like these help promote the importance of getting a long term care plan. The advertising capabilities of these programs prove to be more effective since there has been an increase in the number of residents who are purchasing long term care plans. The costs of these plans vary to suit the diverse needs of all the residents of Rhode Island regardless of the area or city that they come from. The 2012 median costs of long term care services in the state are shown on the table below.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Providence - New Bedford - Fall River||$21||$24||$4,050||$306||$339|
The Rhode Island Long Term Care Insurance Partnership Program
May 15, 2007 marked the approval of legislation in the senate which aims to provide protection to the residents of Rhode Island who need financial assistance for their long term care. The approval allowed residents of Rhode Island to take part in the Long Term Care Insurance Partnership Program, a joint endeavor between the State of Rhode Island and the private insurance industry, which exempts them from spending down their money until they are qualified as "poor" just so that they can apply for Medicaid benefits.
The Partnership Program's asset disregard feature entitles qualified policyholders to keep a portion of their assets that is equal to the total dollar value that their policies have paid out in benefits once they apply for Medicaid assistance to receive ongoing care after using up their benefits.
Although residents have to use their own money to pay for some of their medical costs, a Partnership-qualified policy will protect them from spending it down to poverty level. This allows Rhode Islanders to save more money and protect their hard earned assets, as well.
Features of Rhode Island Long Term Care Insurance Partnership Policy
- Asset Disregard - For every dollar received in benefits, a dollar of assets shall be exempted from Medicaid spend down and estate recovery.
- Policy should be tax-qualified which means it meets the requirements of Section 7702B(b) of the Internal Revenue Code of 1986
- Reciprocity standards - Partnership policyholders will be able to receive the same insurance benefits in other Partnership states provided that the state they relocate to is also participating in the Partnership Program's reciprocity agreement.
- Policy should provide some level of inflation protection according to the age of the policyholder at the time the coverage was purchased. The following levels of inflation protection are strictly being observed:
- Younger than 60 - compound annual inflation protection
- Between 61 and 75 - some level of compound or simple inflation protection
- 76 and older - inflation protection is optional
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