Nevada Long Term Care Insurance Information
Nevada is ranked 38th in the America’s Health Rankings. Some challenges that the state is currently facing are a large number of individuals in the state with no insurance and of a significantly low per capita public health funding. However, Nevada is known for its low rate of preventable hospitalizations and for lowering the incidences of smoking in the state. In fact, smoking incidents have decreased from 19.4% to 17.0% just last year.
In terms of obesity and diabetes, 27.7% of adults in Nevada have been registered as overweight while 9.6% were diagnosed to have diabetes.
As of a July 2015 census, Nevada has 2,890,845 residents, in which 14.6% are individuals 65 years and above. Male residents outnumber females, with women at 49.8%.
Nevada is ranked 29th nationally by the Medicare 5 Star Quality rating system. There are 6,256 beds in 54 certified nursing homes in the state to cater to senior residents in the area.
Average Cost of Long Term Care Services in Nevada
Costs (2016) for LTC services in Nevada are as follows:
Home Health Aide (Daily Rate): $132
Nursing Home Care (Daily Rate, Semi-Private Room): $261
Nursing Home Care (Daily Rate, Private Room): $284
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $3,050
Nevada Long Term Care Partnership Program
Nevada 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 Nevada, 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 Nevada 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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