Oregon Long Term Care Insurance Information
Oregon has 4,028,977 residents, according to a census done July 2015. Individuals 65 years and above make up 16.4% of the population. As like other states, females outnumber male residents at a figure of 50.5%.
The state has an overall rank of 20 in America’s Health Rankings. Oregon is known for its low rate of cardiovascular deaths (from 370.0 to 212.0 deaths per 100,000 population since 1990) and low prevalence of individuals who are physically inactive. However, 27.9% of its residents were deemed obese, with 9.0% of the total population diagnosed with diabetes.
In terms of nursing facilities, there are 137 certified nursing homes in Oregon. This includes 12,188 beds available to cater to the senior public. Also, the state is ranked 24th nationally by the Medicare 5 Star Quality rating system.
Average Cost of Long Term Care Services in Oregon
Costs (2016) for LTC services in Oregon are as follows:
Home Health Aide (Daily Rate): $144
Nursing Home Care (Daily Rate, Semi-Private Room): $277
Nursing Home Care (Daily Rate, Private Room): $294
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $4,065
Oregon Long Term Care Partnership Program
Oregon has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last January 1, 2008. 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 Oregon, 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, 2008).
- State of Residence: The policy holder must be a resident in Oregon 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).
Request Free LTC Insurance Quotes in Oregon
By submitting your information, you agree to be contacted by a representative who will process your request and answer your questions.