South Carolina’s Partnership Long Term Care Insurance
Will you risk losing your assets and savings to South Carolina’s lower long term care (LTC) costs or will you invest in a South Carolina partnership long term care insurance policy?
Though the rates of assisted living facilities and nursing homes in South Carolina are increasing slower than the national average rates, you still have to plan your healthcare expenses because paying for these LTC facilities out-of-pocket will wipe out your resources quicker than what you have expected.
The partnership program of South Carolina is relatively new as it just took effect in 2009 but it will benefit many South Carolinians, and spare them from joining the roster of residents who are currently relying on federal health programs for long term care (LTC) coverage.
At $36,840 the average annual rate of an assisted living facility in South Carolina is much lower than the national rate which is $39,135. This, however, does not mean that this type of LTC facility is affordable in South Carolina than elsewhere because looking at the figures it’s still too much to bear.
If you will be relying on assisted living for two years, you’ll be spending roughly $73,680 for services that involve assistance in the activities of daily living (ADL) such as eating, bathing, dressing, toileting, continence, and transferring. This type of LTC service also covers indoor and outdoor activities to ensure that you maintain an active mind and body.
As you age your healthcare requirements change though. After a good two-year stay in an assisted living facility you suddenly experience a stroke, which is a health condition that requires 24/7 monitoring. This type of care is known as the intermediate care which is offered in nursing homes.
If you have managed to pull off your two-year expenses in an assisted living facility using your resources, don’t think it’s going to be that easy in a nursing home. At present, the annual rate of a private nursing home room in South Carolina is $67,525 but according to licensed nurses most of their elderly residents stay for two and a half years. Just thinking of forking out a total of $168,813 within that period is just unbelievable.
South Carolina Partnership Long Term Care Insurance: More Apart From Healthcare
With other long term care plan you will get only full or partial LTC coverage. With a partnership LTCI policy in South Carolina you will be able to save a portion, or perhaps, the total amount of your assets that is equivalent to the maximum benefit of your policy should you apply for Medicaid assistance after the exhaustion your insurance benefits.
There are simple requirements which an individual who wishes to secure a partnership LTCI policy has to satisfy and they are as follows:
- You have to be a resident of South Carolina
- Your policy should be issued on the date which the partnership program took effect, so in this case it’s Jan. 1 2009.
- Your policy should be tax-qualified
- It should provide an inflation protection which depends on your age at the time you purchased your policy.
Discuss the South Carolina partnership long term care insurance with your agent, as there is no doubt that this is ideal for people like you who want to protect their assets for their children’s benefit.
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