Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Find out if your current health conditions will make it hard to qualify >
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in Mississippi. Another option is Short-Term Care, which is most often chosen because of cost, health or age limitations.
This Mississippi law allows for taxpayers to get a tax credit of 25% of the premium or $500 of “the premium costs paid during the taxable year for a qualified long-term care insurance policy.” This is a State of Mississippi tax credit and not a federal tax credit.
The Mississippi Legislature initiated this tax policy in 2007 to encourage residents to buy long-term care insurance. This is a state income tax credit on long-term health insurance premiums. When this legislation became law, Gov. Barbour stated: Paying for long-term care for our loved ones can be an enormous financial burden on our families. This is one way we can help curb the costs of care, especially when the length of stay is unknown and options are limited.
According to information provided from the State Tax Commission, the credit cannot exceed a taxpayer’s tax liability and can’t be forwarded to the next year. The enactment of this legislation was under Senate Bill No 2237.6
Mississippi does not have a Long-Term Care Partnership Program. However, section 6021 of the 2005 Deficit Reduction Act does allow for Qualified State LTC Partnerships. This permits states with approved state plan amendments to exclude from estate recovery the amount of benefits paid under a qualified long-term care insurance policy. Long-Term Care Partnership Program policies are known as Partnership Policies.
Long-Term Care Partnership Programs combine private long-term care insurance with special access to Medicaid. The unique asset protection benefits of Partnership Programs apply when a policy holder’s long-term care needs last longer than the benefits of their insurance policy. For example, for every dollar a Partnership policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by the Partnership policy.
Your Mississippi long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
Mississippi Long-Term Care Costs – 2022 (annual) | ||||
Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
Mississippi State Median | $87,768 | $85,410 | $42,000 | $45,760 |
Gulfport Area | $89,593 | $87,768 | $45,600 | $50,336 |
Hattiesburg | $92,163 | $88,513 | $49,485 | $48,048 |
Jackson | $87,600 | $85,045 | $52,200 | $42,328 |
Mississippi long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Mississippi:
Our Mississippi LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
Long-term care is the assistance needed when a person is unable to manage their own personal care needs or when they need help with daily activities (walking, bathing, continence, dressing, eating, toileting and transferring). This type of care is known as Custodial Care and is not covered by Medicare.
For most people, long-term care insurance is affordable. However, several factors impact the cost of a policy, including your age, health, and policy design. The typical annual premium is much less than paying for one month of long-term care services out of your pocket.
Your health status and age determines your eligibility for long-term care insurance. But even people with significant health conditions may still qualify. Conditions like Alzheimer’s, Parkinson’s, or currently needing care could disqualify you. Short-term care insurance may be a good option for those at older ages or with certain health issues.
There are many plan options and highly rated carriers available. The best plan is from a highly rated insurance company with the right set of benefits for your needs.
Your best source is from a Long-Term Care Advisor with substantial experience in LTC insurance underwriting, policy design, and claims. A licensed professional who represents several companies can find you the best coverage at the best value.
Some people turn to their financial advisor for long-term health care planning, but this is not their core competency. Many only work with one or two companies and have limited experience with the features and benefits of these products. Also, most have never filed a long-term care claim and don’t understand the process. As a result, many financial advisors partner with us to ensure their clients get the best service.