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Wyoming Long Term Care Insurance Information

Based on a census done last July 2015, Wyoming has a population of 586,107 residents, with 14.5% comprised of individuals 65 years and above. There are more male residents than females in the state (49% for women).
The state is ranked 39th nationally by the Medicare 5 Star Quality rating system for skilled nursing home care services. There are 2,950 available beds in 38 certified nursing homes to cater to the needs of senior residents in the state.
According to America’s Health Rankings, Wyoming has good quality air and a good health program that results to low prevalence of diabetes cases. However, obesity is still in the rise in the state, from 264.6% to 29.5% in just a span of the previous two years.

Average Cost of Long Term Care Services in Wyoming

Costs (2016) for LTC services in Wyoming are as follows:
Home Health Aide (Daily Rate): $143
Nursing Home Care (Daily Rate, Semi-Private Room): $217
Nursing Home Care (Daily Rate, Private Room): $242
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $3,995

Wyoming Long Term Care Partnership Program

Wyoming has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last June 29, 2009. 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 Wyoming, 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 (June 29, 2009).
  • State of Residence: The policy holder must be a resident in Wyoming 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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