Utah Long Term Care Costs & Insurance Quotes
In accordance with the Deficit Reduction Act (DRA) of 2005, the state of Utah may adopt the Long Term Care Insurance Partnership Program that mandates states to implement and offer better and more flexible LTC plan alternatives for their residents.
Because of the fact that a large percentage of people 65 years old and above may need to receive LTC services at least once in their entire life, this program is aimed at encouraging local state residents to consider getting long term care insurance for themselves for future use. Also, it gives an opportunity to those average income earners to secure themselves an LTC policy without having to allocate a big portion of their salaries to the policy.
Below are the median Long Term Care costs in Utah according to Genworth Financial's current 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
|Ogden - Clearfield||$20||$21||$2,500||$175||$200|
|Provo - Orem||$20||$22||$2,445||$158||$178|
|Salt Lake City||$19||$22||$3,125||$167||$190|
|Rest of State||$16||$18||$2,200||$148||$165|
The Utah Long Term Care Partnership Program
The State of Utah has yet to file a State Plan Amendment but it has already adopted the Partnership Program training that complies with the requirements of the National Association of Insurance Commissioners.
With a Utah Long Term Care Insurance Partnership Program Utahns will be able to work on a long term care plan that will not require them to use up their life's savings.
By purchasing Partnership-qualified policies, they will be able to apply and eventually qualify for Medicaid benefits after they have exhausted their insurance benefits. A portion of their assets will be protected through the Program's Dollar-for-Dollar asset protection should they decide to apply for Medicaid coverage to receive ongoing care. This means for every dollar that is paid out to them by their policies a dollar of their assets shall be exempted from Medicaid's spend down rule.
Aside from the Dollar-for-Dollar asset protection, all of the Partnership policies being offered in the United States should provide the following to be considered valid:
- A minimum daily benefit amount. This is the allowed minimum amount of LTC services that a policyholder may use daily and which will be paid out by his LTC plan.
- A benefit coverage period. Allotted duration of the LTC plan of the insured individual.
- Inflation protection. Considered as the most important of all LTC policy features. It makes the policy keep up with the continuous increase in the costs of LTC services, regardless if the policyholder acquired his plan at a much lower price.
A Partnership policy is required to provide certain levels of inflation protection depending on the age of the individual at the time of his application. The directed levels of inflation protection are as follows:
- Under 60 years old - Annual compound inflation protection is required
- Ages 61 - 75 - May offer either Simple or Compound inflation
- Above age 76 - Optional. No inflation protection is necessary
Although a Partnership policy owner may opt to get Medicaid benefits if his health condition requires him to receive extended care, his Partnership policy will not automatically make him qualify for Medicaid benefits. An eligibility officer will explain the Medicaid eligibility process during an interview with the applicant.
For a long term care insurance policy to qualify as a Partnership plan, the policyholder should bear proof of residency and state citizenship and his policy should satisfy federal tax requirements and consumer protection provisions such as inflation protection. If you still do not have a Social Security Number, be sure that you have already applied for one before your LTC Partnership policy or Medicaid application.
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 Utah 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.