MD Average daily benefit purchased: $ 151 per day.

The state of Maryland is home to nearly 6 million people. There are over 700,000 residents aged 65+ (according to the 2010 US Census) living in Maryland, many of whom are in need of Long Term Care services (this includes things such as home health care, care in Nursing Homes and Assisted Living Facilities). As the number of seniors in the Old Line state grows with the baby boomer generation, as will the need and use Long Term Care services, putting economic stress on both families and the state. In 2011, Maryland’s Long Term Care Medicad expenses alone were over $2 billion.

The Maryland Long Term Care Partnership program is a public-private partnership between the state’s Medicaid program and the insurance companies. Administered by the Maryland Insurance Administration, the program provides Maryland residents with the option of affordable, quality long-term care insurance for needed care without depleting all their assets. In other words, Partnership policies enable Marylanders to protect their assets from spend-down requirements under Maryland’s Medicaid program if assistance under this program is ever needed. It also provides an incentive to buy a Long Term Care insurance policy so that Maryland residents are protected both by their private policy and eventually, if needed, by Medicaid.

Living in Maryland, residents have the choice of around 17 great Long Term Care Insurance companies that can help protect savings in the event of needing Long Term Care services. With this many companies to choose from, and the added security from the Partnership program, Long Term Care insurance should be a key part of Maryland residents’ retirement plans.

Most Popular Long Term Care Companies in Maryland

  • 1) Genworth
    2) Genworth Privileged Choice Flex
    3) Mutual of Omaha Mutual Care Plus
    4) Mutual of Omaha
    5) Transamerica
    6) New York Life LTC Select Premier
    7) Mass Mutual
    8) Mutual of Omaha Mutual CarePlus
    9) GNW
    10) Mutual of Omaha MutualCare SecureSolution
    11) New York Life LTC Select Premier 5.5
    12) Genworth Privileged ChoiceFlex
    13) Transamerica TransCare II 2012
    14) Northwestern Mutual TTQuietCare 2013
    15) John Hancock Custom Care III 2012

Most Insured Cities in Maryland

  • 1) Baltimore – last quote: $130/day
    2) Silver Spring – last quote: $150/day
    3) Bowie – last quote: $200/day
    4) Ellicott City – last quote: $150/day
    5) Gaithersburg – last quote: $150/day
    6) Annapolis – last quote: $150/day
    7) Rockville – last quote: $200/day
    8) Bethesda – last quote: $150/day
    9) Columbia – last quote: $130/day
    10) Lutherville – last quote: $100/day
    11) Germantown – last quote: $150/day
    12) Kensington – last quote: $150/day
    13) Olney – last quote: $150/day
    14) Laurel – last quote: $170/day
    15) Waldorf – last quote: $150/day

More on Maryland

The population of Maryland, like many states, is aging at a rapid rate and the State has developed a partnership program to tackle the problem of lack of Long Term Care Insurance coverage for its residents.  Maryland set up a Long Term Care Insurance partnership program between private industry and the State to encourage residents of Maryland to prepare for their future long-term care needs.  Awareness of the need for Long Term Care Insurance remains low in Maryland, as in the rest of the country.  Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves and is not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.

The Maryland Long Term Care Insurance Partnership Program is an innovative partnership between Maryland and private insurance companies who issue long-term care insurance policies.  Partnership policies provide an additional level of protection, when compared to a regular long-term care insurance policy.  In particular, such policies permit individuals to protect additional assets from spend-down requirements under Maryland’s Medicaid program if assistance under this program is ever needed and you qualify.

A recent study found around 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers.  And, given that the Department of Health and Human Services estimates that 66% of all Americans will need long-term care at some point after they pass age 65, this does, indeed, constitute a problem to be reckoned with.  Many Americans, regardless of the State in which they live, are now at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves.

Via the Maryland Long Term Care Insurance Partnership Program, residents of Maryland are able to purchase Long Term Care Insurance with a number of policy options that meet certain State-mandated criteria.  Maryland, like many states, aims to reward those who do their part in solving this problem of Long Term Care Insurance coverage by planning ahead and protecting themselves and their assets.  Basically, the Maryland LTC Partnership program works like this, asset eligibility and recovery provisions of the Medicaid program of Maryland are applied by disregarding an additional amount of assets equaling the amount of insurance benefits you have received from your Partnership Policy.

This enables partnership policyholders to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid’s long-term care coverage.

For example, if you had received $200,000 of insurance benefits from your Partnership Policy at the time of application for Medicaid, you generally would be able to retain $200,000 of assets above and beyond the amount of assets normally permitted for Medicaid eligibility.

Highlights and requirements of the Partnership Program include:

  • Medicaid Asset Protection
  • Potential tax benefits
  • Companies authorized to sell partnership policies must meet stringent requirements
  • Inflation protection must be provided

The Long Term Care Insurance inflation protection feature is crucial here.  Inflation protection insures that your policy will pay out in tomorrow’s dollars and that your covered for the care you need.

You can start planning today for your future long-term care needs and securing all that you have worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy.  LTC Tree can assist you in finding a plan through the Maryland Long Term Care Insurance Partnership Program that is right for you, no matter your age or financial status.  If you have been thinking about learning more about our affordable Long Term Care Insurance Maryland Partnership policies, simply fill out this form.