Virginia Long Term Care Insurance Partnership Program & Care Costs
Established on September 1, 2007, the Virginia Long Term Care Insurance Partnership Program is an innovative alliance between the state government and the private insurance companies which aims to help Virginia residents' awareness regarding long term care planning. It aspires to aid the residents to make wise decisions without sacrificing their assets.
Although the Virginia Long Term Care Partnership Program is similar with the other non-partnership policies available in the state, it has added advantages because of its Dollar-For-Dollar asset protection wherein for every dollar paid out by an LTC partnership policy, a dollar of assets of the policyholder will be protected for Medicaid eligibility purposes.
Below are median costs for care in Virginia:
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Blacksburg - Christiansburg - Radford||$17||$20||$3,503||$210||$240|
|Virginia Beach - Norfolk - Newport News||$19||$19||$3,395||$196||$228|
|Rest of State||$17||$17||$2,388||$180||$188|
Qualifications for a Virginia Long Term Care Partnership Policy
To be qualified as a partnership policy, a policy must have inflation protection. This feature is beneficial especially to those who acquire a partnership policy while they are still young. It adjusts the policy's benefits to keep pace with the rising costs of long term care services. The following are the levels of inflation protection of a partnership policy issued to an individual in Virginia:
- Under 61 years old - annual compound inflation protection must be provided.
- 61 - 76 years old - a certain level of inflation protection must be applied.
- Age 76 & above - may still acquire but is not required to obtain an inflation protection.
Aside from the inflation protection feature, a Partnership policy must also be issued after September 1, 2007 to be qualified as a valid partnership policy. Those with LTC policies that were issued before September 1, 2007 should contact their carrier or insurance agent regarding the exchange for a new Partnership qualified policy.
A Virginia resident who transferred to another state which also offers partnership policy and participates in the reciprocity standards may still be qualified for the dollar-for-dollar asset protection.
A partnership policy holder will still be subject for qualification and approval for Medicaid if ever he maximized his LTC partnership policy. Some of the requirements that must be met are the financial and non-financial requirements such as the income and resource proofs, identity and state residency certification, Social Security number, and other documents are information needed for Medicaid eligibility. Medicaid eligibility must be determined on a case-by-case basis.
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