Delaware Long Term Care Insurance Information
The state of Delaware has a population of 945,934 residents, as of a 2015 census. People in the ages of 65 years and above make up 17.0% of the total population. Females slightly outnumber male residents, at 51.6%.
Delaware has 45 certified nursing homes. There are 4,745 beds available for senior citizens. The state is ranked 5th nationally when it comes to providing skilled nursing facility services.
A high number of individuals in the state are insurance policy holders, according to the America’s Health Rankings. Also, Delaware is known for its high per capita public health funding. However, it was observed that obesity has increased from 26.9% to 30.7% in the last two years.
Related to obesity, diabetes is a prevalent condition in the state, with over 85,000 residents reported to be diagnosed with the disease. The prevalence increases with age – 21.6% of 65 years old and above residents have been diagnosed with diabetes.
Average Cost of Long Term Care Services in Delaware
Annual costs (2016) for LTC services in Delaware are as follows:
Home Health Aide (Daily Rate): $147
Nursing Home Care (Daily Rate, Semi-Private Room): $315
Nursing Home Care (Daily Rate, Private Room): $326
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $5,368
Delaware Long Term Care Partnership Program
Delaware has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last November 1, 2011. The state will honor partnership from other DRA (Deficit Reduction Act) partnership states.
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.
For insurance policies to be certified as Partnership policies in Delaware, the Deficit Reduction Act of 2005 has set a number of requirements that must be met:
- Issue Date: The policy must be issued after the effective date of the Partnership Program in the state (November 1, 2011)
- State of Residence: The policy holder must be a resident in Delaware at the time the coverage became effective.
- Inflation Protection: All Partnership policies must include inflation protection. Policies issued to individuals under age 61 must provide compound annual inflation protection. Policies sold to individuals who have attained age 61 but not yet attained age 76 must include some level of inflation protection. Inflation protection may be offered, but is not required to individuals who have attained age 76.
- Qualified under Federal Tax Law: All Partnership policies must adhere to the definition of a Long Term Care Insurance policy in section 7702B (b) of the Internal Revenue Code of 1986.
- Consumer Protection: The policy must adhere to the requirements defined in section 1917(b)(1)(C)(iii)(III) of the Social Security Act (42 U.S.C. section 1396p(b)(1)(C)(iii)(III).
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