Maryland

Data collected from 2000 to 2004 revealed that Maryland's senior population has steadily increased, with a 2.32% change for those aged 65-74 and a surprising 25.80% change for those above 85 years of age. Studies collected by the Maryland Health Care Commission project that the population of residents aged 65 and above will continue to increase and reach 710,571 by 2011.

Average Costs of Long Term Care Services in Maryland

To understand why an insurance policy is the best answer to long term care expenses, it’s important to realize the actual costs of care. Genworth Financial, a leading global insurance company, conducted a study on the current median cost of Long Term Care in the State of Maryland, focusing on metro areas where most of care is received:

Long Term Care Partnership Program in Maryland

The Qualified State Long-Term Care Insurance Partnership is a partnership program between the State of Maryland and private Long Term Care insurance companies. Having been established in December 15, 2008 in accordance with the 2005 Deficit Reduction Act, the program is relatively new, compared with other states that have long adopted a Partnership program. A state plan amendment was approved by the Centers for Medicare and Medicaid Services and took effect last January 1, 2009. The state plan amendment provides disregard of assets or resources and is under the administration of the Maryland Department of Health and Mental Hygiene. The program allows residents of Maryland to retain financial assets beyond the asset limit of Medicaid if they apply for assistance after exhausting their insurance policies.

Partnership Policy Requirements in Maryland

Partnership policy is a Long Term Care insurance policy with Partnership coverage. The Maryland Insurance Administration certifies qualified Long Term Care policies offered by insurance companies to be Partnership policies, in accordance with the Code of Maryland Regulations (COMAR) 31.14.03.

All Partnership policies include a Partnership Policy Status Disclosure Notice. This partnership disclosure notice identifies the policy purchased to be a Partnership policy. It describes the benefits and consumer protection features, as well as the actions that may disqualify your policy as a Partnership policy. Partnership policy may be lost when the policyholder moves to a different state, makes modifications after the policy has been issued, or if there are changes in federal or state laws.

Request Free LTC Insurance Quotes in Maryland

Find out how much a long term care insurance policy costs in Maryland by filling up our free online assessment form. Compare costs from the top insurance carriers in the country and get information to help you prepare for your future long term care.

More Information and Resources for Maryland LTC Insurance

For more comprehensive reading, here are a few external references you can visit:
Office of the Secretary of the State. Division of State Documents> COMAR 31.14.03.9999
Bulletin 09-13. 2009.Maryland Insurance Administration.
Statistical Data Tables. State Health Plan for Facilities and Services: Nursing home, Home Health Agency and Hospice Services
Genworth 2010 Cost of Care Survey. Genworth Financial.

No comments :

Post a Comment