North Carolina Long Term Care Insurance Information
According to America’s Health Rankings, North Carolina continues to improve on decreasing cardiovascular deaths from 430.3 cases down to 251.1 per 100,000 individuals since 1990. Additionally, prevalence of binge drinkers have decreased as well in the state. Some challenges that the state is currently tackling are disparity when it comes to health status by educational level and lack of public health funding.
North Carolina’s population is 10,042,802 as of a 2015 census. Similar to other states, females outnumber male residents with a figure of 51.3&. Individuals 65 years and older make up 15.1% of the total population in the state.
In terms of nursing homes, there are 423 nursing centers in the state. North Carolina is also ranked 45th nationally by the Medicare 5 Star Quality rating program. Total beds to cater for senior residents in the state are 44,529.
Average Cost of Long Term Care Services in North Carolina
Costs (2016) for LTC services in North Carolina are as follows:
Home Health Aide (Daily Rate): $113
Nursing Home Care (Daily Rate, Semi-Private Room): $216
Nursing Home Care (Daily Rate, Private Room): $245
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $3,000
North Carolina Long Term Care Partnership Program
North Carolina has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last March 7, 2011. 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 North Carolina, 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 (March 7, 2011).
- State of Residence: The policy holder must be a resident in North Carolina 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 North Carolina
By submitting your information, you agree to be contacted by a representative who will process your request and answer your questions.