West Virginia Long Term Care Insurance Information
West Virginia is ranked 49th nationally by the Medicare 5 Star Quality rating system for skilled nursing home care services. There are 10,850 beds in 126 certified nursing homes in the state to cater to senior residents in the area.
There are 1,844,128 residents in West Virginia, per a census done last July 2015. Elderly people 65 years and older comprise 18.2% of the population. Females slightly outnumber male residents at a figure of 50.6%.
According to America’s Health Rankings, West Virginia has a high per capita on public health funding. Yet even with the resources, the state still struggles with high rates of smoking and diabetes among its residents.
Average Cost of Long Term Care Services in West Virginia
Costs (2016) for LTC services in West Virginia are as follows:
Home Health Aide (Daily Rate): $103
Nursing Home Care (Daily Rate, Semi-Private Room): $275
Nursing Home Care (Daily Rate, Private Room): $286
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $3,263
West Virginia Long Term Care Partnership Program
West Virginia has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last July 1, 2010. 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 West Virginia, 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, 2010).
- State of Residence: The policy holder must be a resident in West Virginia 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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