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5/15/2010
Rep. Van Roy: Wisconsin’s Long Term Care partnership
Medicaid is a federal-state health insurance program designed for low-income seniors and the needy, and it is the fastest growing component of most states' budgets. This is due in part to the recession and in part to the fact that our population is quickly aging and Medicaid is paying the costs for a significant portion of nursing home residents. Medicaid long-term care is heavily dependent on Social Security and Medicare, two other federal programs with a combined unfunded liability of $107 trillion. The dilemma that states are facing is how to pay for quality care to more people on a limited budget.
In an effort to encourage more people to take personal responsibility to plan for their future long-term care needs, the Federal Deficit Reduction Act of 2005 created the Qualified State Long Term Care Partnership program, a joint effort between federal Medicaid, long-term care insurers, and individual states. Wisconsin implemented the program on January 1, 2009. This program provides individuals with a financial incentive to purchase qualified private long-term care insurance by protecting some or all of their financial assets should they apply for Medicaid when they have exhausted their long-term care benefits. One advantage to having private insurance is that it will pay for care at an assisted living facility whereas Medicaid will not.
The asset protection offered by the state partnership program is dollar-for-dollar. In other words, for every dollar of coverage that your long-term care policy provides, you can keep a dollar in assets that normally would have to be spent down to qualify for Medicaid. For example, if you're single, you would normally have to spend down your assets to $2,000 in order to qualify for Medicaid coverage of long-term care. But if you buy a long-term care insurance policy that provides $150,000 in benefits, you would be allowed to retain $152,000 in assets and still qualify for Medicaid.
Private companies sell qualified long-term care insurance policies that have been approved by the state and meet certain standards, such as having inflation protection. Keep in mind that currently the Medicaid asset protection will only work if you receive your long-term care in the state where you bought the policy or in another partnership state that has a reciprocal agreement with the first state.
Seek advice from a financial services professional who is knowledgeable about the program and your financial goals to determine if this should be considered as part of your your personal retirement and financial planning. For information about the program, and other long-term care options, go to http://oci.wi.gov/srissues/ltpartnership.htm, http://oci.wi.gov/pub_list/pi-046.htm, and http://oci.wi.gov/pub_list/pi-047.htm.
You may also call the following resources:
Medigap Helpline: 1-800-242-1060
Office of the Commissioner of Insurance: 1-800-236-8517
Aging & Disability Resource Center of Brown County: 920-448-4300
Karl Van Roy is a Republican and represents the residents of the 90th Assembly District (Green Bay).
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| 2009 |
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• Important votes Tuesday, including Appleton Common Council
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• First suggestion for 'slashing' programs
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• Any chances???
• I'm doing the Jerry Bader Show, today, the 11th
• Representative Frank Lasee: Final Waltz of the Season
• Guest Blog: It's not the county's business to be in the nursing home business
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• Lots of ideas. No money.
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• AASD Retirement Costs Burdensome
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