Missouri Long Term Care Insurance Information
According to the America’s Health Rankings, 30.2% of adults in the state are obese; 11.1% were diagnosed with diabetes, which was an increase from 9.6% last year. Another important challenge that the state is currently facing is the lack of per capita public health funding.
Missouri has a population of 6,083,672 residents (2015 census). Individuals 65 years and older make up 14.0% of the total population. There are slightly more female residents in the state, at a 50.9% figure.
There are 513 certified nursing homes in Missouri. With a Medicare 5 Star Quality rating that places the state at rank 35 nationwide, Missouri has 53,231 beds available for senior citizens.
<H2>Average Cost of Long Term Care Services in Missouri
Costs (2016) for LTC services in Missouri are as follows:
Home Health Aide (Daily Rate): $119
Nursing Home Care (Daily Rate, Semi-Private Room): $156
Nursing Home Care (Daily Rate, Private Room): $173
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $2,537
<H2>Missouri Long Term Care Partnership Program
Missouri has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last August 1, 2008. The state will honor partnership from other DRA (Deficit Reduction Act) partnership states.
<H2>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 Missouri, 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 (August 1, 2008).
- State of Residence: The policy holder must be a resident in Missouri 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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