NC Average daily benefit purchased: $ 150 per day.

There are over 9.5 million residents in North Carolina, making it one of the top ten most populous states in the US. There are over 1.2 million residents aged 65+ (according to the 2010 US Census) that call North Carolina home, many of whom are in need of Long Term Care services such as home health care, and care in Nursing Homes and Assisted Living Facilities. There is a growing number of seniors in the Tar Heel state who will increasingly need and use Long Term Care services, putting economic stress on both families and the state. In 2011, North Carolina’s Long Term Care Medicad expenses alone were almost $3.2 billion.

Implementation of the North Carolina Long Term Care Partnership program was approved by the North Carolina state senate in January of 2011. Through the partnership program, North Carolinians are provided with an additional option for affordable, quality long-term care insurance. A joint partnership between the state’s Medicaid program and the insurance companies, the North Carolina Long Term Care Partnership Program is designed to provide North Carolina residents with an incentive to buy a Long Term Care insurance policy and better protect their assets. By purchasing a Long Term Care insurance policy through the Partnership program, North Carolinians are protected both by their private policy and eventually, if needed, by Medicaid.

There are around 17 great Long Term Care Insurance companies that are available to residents in North Carolina which can help protect personal savings in the event of needing Long Term Care services. With the choice between this many companies, along with the Partnership program, North Carolinians have many options for securing their retirement and Long Term Care needs.

Most Popular Long Term Care Companies in New York

  • 1) Genworth
    2) Genworth Privileged Choice Flex 2
    3) Mutual of Omaha Mutual Care Plus
    4) Genworth Privileged Choice Flex
    5) Mutual of Omaha
    6) Transamerica
    7) Mass Mutual
    8) Prudential LTC3 2005
    9) Genworth Privileged Choice Flex2
    10) Mutual of Omaha MutualCare SecureSolution
    11) Genworth Flex 2
    12) New York Life LTC Select Premier 5.5
    13) John Hancock Custom Care III 2012
    14) Prudential
    15) Mass Mutual, Signature Care MM-5002013

Most Insured Cities in New York

  • 1) Charlotte – last quote: $150/day
    2) Raleigh – last quote: $200/day
    3) Cary – last quote: $150/day
    4) Durham – last quote: $200/day
    5) Wilmington – last quote: $150/day
    6) Greensboro – last quote: $150/day
    7) Chapel Hill – last quote: $170/day
    8) Greenville – last quote: $150/day
    9) Waynesville – last quote: $200/day
    10) Asheville – last quote: $130/day
    11) Wake Forest – last quote: $250/day
    12) New Bern – last quote: $150/day
    13) Kernersville – last quote: $150/day
    14) Denver – last quote: $120/day
    15) Washington – last quote: $130/day

More on North Carolina

North Carolina has instituted a plan to tackle the problem of lack of Long Term Care Insurance coverage for its residents via a “partnership” program between private insurance companies and the Tarheel State.

North Carolina is becoming a haven for retirees and “halfbacks” who are settling halfway between the Northeast and Florida. With a population that’s rapidly aging, awareness of the need for Long Term Care Insurance remains low. 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. Announced on July 14, 2010, the North Caroline Long Term Care Insurance partnership program aims “to encourage aging North Carolinians to purchase long-term care insurance while providing important consumer protections.” The Partnership went into effect Jan. 1, 2011.

Genworth Long Term Care department found that 70% of Americans have made no plans for long-term care and many were not even aware of this kind of insurance and what it covers. And, given that the Department of Health and Human Services estimates that around 66% of all Americans 65+ will need Long Term Care before they die, this does, indeed, create a problem will have to be dealt with. Many Americans, regardless of the State in which they live and economic status in most cases, 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.

Residents of North Carolina are able to participate in the North Carolina Long Term Care Insurance Partnership Program via a number of policy options that meet certain State-mandated criteria. North Carolina, 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, it works like this: purchasers of partnership policies are aimed at
“supporting provisions that will protect citizens who invest in long-term care insurance. The bill gives consumers the option to exempt a portion of their assets from Medicaid spend down requirements while protecting the same amount at estate recovery. For example, if your Partnership policy is $200,000, and you use that amount of benefits but still need care, you can apply for Medicaid coverage. In your application, $200,000 of your personal assets – such as savings, family-owned businesses or farms – would be exempted. Further, Medicaid would not recover that $200,000 from your estate’s resources after you die. The program also requires that policy benefits increase over time as protection against inflation.”
Highlights and requirements of the Partnership Program include:

  • be issued to an individual on or after January 1, 2011;
  • be a tax-qualified policy under Section 7702(B)(b) of the Internal Revenue Code of 1986;
  • meet stringent consumer protection standards; and meet the following inflation requirements: For ages 60 or younger � provides compound annual inflation protection For ages 61 thru 75 – provides some level of inflation protection For ages 76 and older � no purchase of inflation protection is required

The “inflation” requirements are 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’ve worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy.

2010 News Release: http://www.ncdoi.com/media/news2/year/2010/071410.asp