Long Term Care

Vermont Long Term Care Insurance Costs & Quotes

The continuous increase in the costs for residents' long term care needs has alarmed the local state government of Vermont that is why they decided to adopt the nationwide Long Term Care Insurance Partnership Program as mandated by the Deficit Reduction Act (DRA) of 2005.

The Partnership Program aims to provide American residents with more flexible and more affordable alternatives for long term care insurance policies. Through this program, average income earners will have the opportunity to avail an LTC plan without wiping out their financial resources or exceeding their budget. This Program was also developed to help lessen Medicaid's annual long term care expenditures in Vermont which reached $120,909,152 in 2010.

Below are the current costs of various long term care settings in Vermont according to Genworth Financial, a renowned long term care insurance provider.  Based on the prediction of financial advisers, these figures are expected to increase fourfold in less than 20 years.

Region Homemaker Services Hourly Rate
Home Health Aide Hourly Rate
(Medicare Certified)
Assisted Living Facility Monthly Rate
(Private room)
Nursing Home Daily Rate
(Semi-private room)
Nursing Home Daily Rate
(Private room)
Burlington $21 $21 $3,775 $278 $296
Rest of State $21 $21 $4,125 $252 $278

Aside from lower premium rates, owning a Partnership policy also allows the insured person to apply and qualify for Medicaid benefits should his health condition require him to receive extended or additional care after he has consumed his insurance benefits. But the individual must meet the standards and requirements set by Medicaid before he can qualify for coverage

The State of Vermont passed the 33 V.S.A. & 1908a to concretize the Partnership Program that could benefit middle-class families in the state who cannot afford the standard long term care insurance policy, let alone pay for care out-of-pocket.

However, some parts of the said statute had to be changed to meet the requirements of the Partnership Program at the federal level. Once that has been accomplished, there would be a need to enact another legislation for the implementation of the Partnership Program in the state.

Features of an LTC policy:

There are three mandatory features that any LTC policies must provide to the policy owners. A minimum daily benefit amount sets the price limitation of the LTC services that an insured individual may get for every day that he will use his policy benefits. Any amount that will exceed his daily benefit amount limit will be shouldered by the person himself.

On the other hand, a minimum benefit coverage period sets the duration or length of the validity of a certain LTC policy. If a person's partnership plan cannot accommodate the additional years or period that his health condition requires, he may still apply for Medicaid eligibility.

Inflation protection is considered as the most important of all the features of any LTC plan. It adjusts and makes the value of a certain policy updated based on the current costs of LTC services. It makes it up-to-date regardless if the policy was availed at a much cheaper rate. It also has certain levels of inflation protection based on the age of the policy owner at the time of his policy acquisition. The younger age he purchased his policy, the better level of inflation protection he would get.

Special features of a partnership policy:

There are LTC features that are only being offered exclusively with partnership policies that add to the advantages of owning a partnership plan, and provide the insured person with additional benefits.

Dollar-for-Dollar asset protection: This kind of asset protection feature gives the policy owner more chances of being eligible for Medicaid benefits. A dollar of the person's assets will be disregarded by Medicaid upon his application for eligibility. This is equivalent to every dollar that his partnership policy paid out in benefits.

Reciprocity standards: An individual with a partnership plan acquired in the state of Vermont may still use it should he decided to transfer and live in another state given that the state also offers partnership program and participates in the reciprocity agreement of all the states with such program.

Requirements needed for partnership plan application:

In order to apply and acquire a partnership policy in Vermont, an individual must first be a valid resident and citizen of the state upon the approval of the partnership program. He must also be able to present proofs and documents showing his financial resources, assets, and any other requirements needed to determine his qualification. The Social Security Number of the applicant must also be provided upon his application. If he still does not have an SSN, he should present documents showing that he has already applied for one.

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