Montana Long Term Care Insurance Partnership Program
Montana Long Term Care Insurance Partnership
The Montana Long Term Care Insurance Partnership plan is a program which combines private long term care insurance coverage with special access to Medicaid. The Montana Long Term Care Insurance Partnership allows Montana residents to shield a portion or all of their wealth (assets) and still be able to qualify for Medicaid, should their long term care needs extend beyond what is payable by their private long term care insurance policy.
The long term care insurance companies in Montana are mandated by the Montana Long Term Care Insurance Partnership program to provide a specific level of benefits. These requirements can help take the guesswork out of selecting your long term care insurance coverage. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The private long term care insurance providers in Montana, working with the Montana Long Term Care Partnership program provide long term care policies that are commonly referred to as “Partnership policies”.
Who Needs Long Term Care Services?
According to the United States Department of Health and Human Services, about 70 percent of people over age 65 will require long-term care services during their lifetime. The need for long term care services is not limited to seniors, as 40 percent of those currently receiving long term care services are ages 18 to 64.
Long Term Care Costs In Montana
One of the most comprehensive studies the costs of long term care is done annually by Genworth Financial, a Fortune 500 company. The Genworth Financial 2018 Cost of Care Survey encompasses long term care costs nationally and surveyed over 15,000 long term care providers in 440 regions.
Montana long term care costs are important for Montanans to consider, because the local cost of long term care is a key element in deciding how much long term care coverage to include in your retirement plan. It’s important to consider the effects of inflation and the John Hancock Cost of Care Calculator also surveyed Montana long term care costs and includes a future cost of care estimator.
Montana Long Term Care Costs – 2018 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Montana Median Cost||$87,717||$84,067||$47,028||$54,912|
|Rest of Montana||$84,680||$81,030||$45,833||$54,912|
Montana Long Term Care Insurance Rates
A Long Term Care Partnership Plan in Montana costs about the same as other policies when designed with similar benefits. It’s worth noting that the required features of a Montana Long Term Care Partnership policy may limit flexibility in benefit design. Thus, it may be beneficial to consider non-Partnership long term care insurance policies since a broader range of choices might be available and better suited to your personal situation. An agent specializing in long term care insurance can explain all of your choices to you.
Long Term Care Insurance Montana Reciprocity
If you purchase a qualifying partnership long term care policy in another State under their Long Term Care Partnership program, you will not lose your asset protection if you move to Montana. The State of Montana will also recognize accumulated asset protection for Medicaid qualification should you already be receiving long term care benefits from your Long Term Care Partnership policy before moving to Montana. The following link provides an excellent resource on Partnership Long Term care programs in Montana and other states.
How to Buy Montana Long Term Care Insurance
Long Term Care Partnership Plans in Montana are offered by a number of long term care insurance companies. LTC insurance agents representing Partnership policies must maintain a special certificate of training required by the State of Montana. Following are some of the providers offering long term care coverage in Montana:
Request Montana Long Term Care Insurance Quotes!
Long Term Care planning has been our specialty since 1990. We’ll give you professional, unbiased information so you can decide if Long Term Care Insurance is right for you. We shop all the major long term care insurance companies in Montana and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- Benefit comparisons of each insurance company’s policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s financial strength rating, size and claims paying experience.