Rhode Island Long Term Care Insurance Information

Rhode Island continues to improve its health conditions, according to America’s Health Rankings. The state is known for its high per capita on public health funding. Major improvements the state has done are decreasing physical inactivity among its adult residents (26.9% down to 22.5% during the past year), improving conditions to decrease cardiovascular deaths (down to 345.0 229.9 deaths per 100,000 population during the last 20 years), and preventing cancer deaths (207.7 to 192.4 deaths per 100,000 population).

The state is also known for its adequate nursing home care services, The Medicare 5 Star Quality has ranked Rhode Island 12^th nationally – its 8,720 available beds in the 84 certified nursing homes are ready to accommodate senior residents in the area.

For its population, there are 1,056,298 residents in Rhode Island, with individuals 65 years and older make up 16.1% of the population. For female residents, they outnumber the male population at 51.7%.

Average Cost of Long Term Care Services in Rhode Island

Costs (2016) for LTC services in Rhode Island are as follows:

Home Health Aide (Daily Rate): $157

Nursing Home Care (Daily Rate, Semi-Private Room): $273

Nursing Home Care (Daily Rate, Private Room): $315

Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $4,931

Rhode Island Long Term Care Partnership Program

Rhode Island has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last July 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 Rhode Island, 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, 2008).
• State of Residence: The policy holder must be a resident in Rhode Island 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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