Maine Long Term Care Insurance Information
Maine has 1,329,328 residents, according to a census done last 2015. Residents 65 years and above make up 15.9% of the population. There are more female individuals in the state at 51.0%.
The state has one of the highest Medicare 5 Star Quality ratings in the country, ranked at the 4th spot nationally. There are 6,883 available beds in 103 certified nursing homes to cater to senior citizens.
Maine was observed to improve its health conditions, according to America’s Health Rankings. However, prevalence of excessive drinkers in the state is still high. Also, 28.2% of adults in Maine were recorded to be obese, which may lead to other health conditions such as diabetes.
Average Cost of Long Term Care Services in Maine
Costs (2016) for LTC services in Maine are as follows:
Home Health Aide (Daily Rate): $149
Nursing Home Care (Daily Rate, Semi-Private Room): $275
Nursing Home Care (Daily Rate, Private Room): $297
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $4,991
Maine Long Term Care Partnership Program
Maine has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last July 1, 2009. 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 Maine, 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 (July 1, 2009).
- State of Residence: The policy holder must be a resident in Maine 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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