Florida Long Term Care Insurance Information
Florida has 689 certified nursing homes, with a total of 83,208 beds available for senior citizens. The state is ranked 28th nationally when it comes to providing skilled nursing care services. Florida is also known to have one of the lowest ratios between senior residents and nursing home residents.
AS of a 2015 census, the state has a population of 20,271,272 residents, with people in the ages of 65 years and above making up 19.4% of the total count. At 51.1%, there are more female residents in the state.
Low prevalence of obesity and fresh air are some of the highlights observed by the America’s Health Rankings. However, a large number of residents are not covered by insurance – as such, 40& of long term care costs are paid out-of-pocket.
Average Cost of Long Term Care Services in Florida
Annual costs (2016) for LTC services in Florida are as follows:
Home Health Aide (Daily Rate): $124
Nursing Home Care (Daily Rate, Semi-Private Room): $244
Nursing Home Care (Daily Rate, Private Room): $275
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $3,045
Florida Long Term Care Partnership Program
Florida has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last January 1, 2007. 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 Florida, 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 (January 1, 2007)
- State of Residence: The policy holder must be a resident in Florida 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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