Maryland Long Term Care Insurance
Maryland Long Term Care Insurance
From 2000-2004, Maryland's senior population increased to about 2.32% for 64-74 age bracket, while 25.8% surge in 85 age group. The Maryland Health Care Commission concluded that the population of aged 65 and above will grow up to 710,571 by 2011
Most residents in Maryland rely on nursing homes or institutional care for long term care after getting acute hospital care. Of those who have turned to nursing home care, women receive much care and use nursing home facilities than men. Seniors age 85 and above had the lengthiest period of stay in nursing homes among the other age groups in senior population. According to study, the average age of nursing home residents in 2004 was 82 years old.
Most of these residents in Maryland that need long term care depend on Medicaid program to finance such services. Medicaid or the Maryland Medical Assistance Program is a state-federal financial program that supports low-income earners. Medicaid program, no matter good the mission is, has several disadvantages in terms of asset limit. Medicaid requires people not to exceed the asset limit to qualify for the program.
The Maryland Long Term Care Insurance Partnership is a program created between the state of Maryland and private insurance companies. The partnership program was established on December 15, 2008 under the 2005 Deficit Reduction Act; thus, Maryland's insurance partnership is recent compared with other states that have already instituted the program for so many years.
The state plan amendment was approved by Medicare and Medicaid services and became effective on January 1, 2009. The state plan amendment authorizes the asset disregard and works under the Maryland Department of Health and Mental Hygiene. This program allows residents of Maryland to avail long term care services without exhausting their assets and resources.
Partnership Policies
The Maryland Insurance Administration approves the long term care policies to become partnership policies in line with the Code of Maryland Regulations (COMAR) 31.14.03. All partnership polices shall contain Partnership Policy Status Disclosure Notice that expounds the consumer protection features and actions for the disqualification of the partnership policy. The partnership policy may end when the policy holder move to a different state, makes adjustments in the policy, or if there are changes in the federal or state law.
Partnership Policy Features
Medicaid Asset Protection
The asset disregard is one of the competent features of partnership policies. The amount that a policyholder can protect is equivalent to the amount of the benefits received. For example, the policyholder has $150,000 insurance benefits, he or she can maintain assets amounting to $150,000 regardless of the Medicaid eligibility limit. Residents of Maryland will not be pushed to abridge their financial assets to qualify for Medicaid, so people will accumulate assets that they will need in the future. The policyholder may request for a partnership policy summary from the insurance company to check the insurance benefits paid and the total amount of benefits available.
Inflation Protection
The inflation protection feature protects the policyholder against the increasing costs of services in the future. The amount of the protection depends largely on the age of the policyholder when the purchase was made. Policyholders below age 61 should receive either at least 3% compound annual inflation or an interest rate equal to the annual increase in the Consumer Price Index (CPI). Policies to those aged 61 to 75 may include some inflation protection, but an individual aged 76 years and older is not entitled for inflation protection.
Tax Qualified Policy Feature
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