Alaska Long Term Care Insurance Information
Alaska has the largest land area in the country, yet the state has a relatively small count of residents (738,432 as of July 1, 2015). Male residents slightly outnumber females (47.3% as of last year). 9.9% of the state population are of individuals 65 years and older.
The state has a high per capita public health funding. Significant health conditions and diseases to take note in Alaska are Alzheimer’s (6,400 cases in 2015) and diabetes (with 7.4% of adults in the state diagnosed with the disease).
According to the AARP American Association of Retired Persons), individuals age 85 and above are expected to increase up to 300% by 2030. Additionally, nursing homes in Alaska were rated above average by the CMS (Centers for Medicare and Medicaid Services).
Average Cost of Long Term Care Services in Alaska
Annual costs (2016) for LTC services in Alaska are as follows:
Home Health Aide (Daily Rate): $169
Nursing Home Care (Daily Rate, Semi-Private Room): $800
Nursing Home Care (Daily Rate, Private Room): $816
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $5,750
Alaska Long Term Care Partnership Program
Alaska is not part of a long term care partnership program.
What is a Long Term Care Partnership Program?
The partnership program is designed to encourage people to purchase long-term care insurance by providing a plan that will allow Medicaid to disregard some or all assets for Medicaid eligibility and estate recovery purposes. Through partnership plans, people will receive asset protection whenever policy benefits are exhausted and will need continued benefits through Medicaid.
Partnership qualified insurance policies allow their holders a much easier time of applying for Medicaid when their current policy benefits have run out. Instead of needing to reach below the asset threshold set by the federal health care program, policy owners can protect an amount of assets equal to their total benefits – allowing them to continue receiving care without the risk of losing their assets to Medicaid estate recovery procedures.
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