Tennessee Long Term Care Insurance Information
According to a census done last July 2015, there are 6,600,299 residents in Tennessee, wherein 15.4% of the total count are individuals 65 years and above. Similar to other states, females outnumber males residents at 51.3%,
Tennessee is ranked by the Medicare 5 Star Quality Rating system at the 38th spot nationally. The state has 36,576 available beds in 319 certified nursing homes.
When it comes to health, Tennessee is known for its low number of binge drinkers and small disparity in an individual’s health status and educational level or attainment (according to America’s Health Rankings). However, the state faces challenges such as having a high number of smokers (24.2% among the total number of residents) and high rate of violent crime (534 to 591 offenses per 100,000 individuals).
Average Cost of Long Term Care Services in Tennessee
Costs (2016) for LTC services in Tennessee are as follows:
Home Health Aide (Daily Rate): $113
Nursing Home Care (Daily Rate, Semi-Private Room): $190
Nursing Home Care (Daily Rate, Private Room): $207
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $3,780
Tennessee Long Term Care Partnership Program
Tennessee has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last October 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 Tennessee, 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 (October 1, 2008).
- State of Residence: The policy holder must be a resident in Tennessee 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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