Facing Long Term Care in Tennessee with Confidence
Just like anywhere else in the country, Tennessee is also experiencing a crisis in long term care as costs continue to soar and these are even expected to increase fourfold in less than 20 years. In Tennessee long term care has become a daily issue since the death of the CLASS Act.
About 3.2 million insured Tennesseans would’ve deferred the use of their LTCI policies had the CLASS Act pushed through but since it did not, they are worried if they have purchased an LTCI coverage that is appropriate for their future health care needs.
At present, a nursing home in Tennessee would cost on average $65,882 annually which is relatively cheaper like its neighboring states in the south. People enter a nursing home for a variety of reasons even though it was associated with old age in the past,
These days, apart from senior folks who need assistance with their activities of daily living resulting from a serious health disorder or simply the phase of aging, there are also younger people confined in nursing homes.
As a matter of fact, according to the statistics of the U.S. Department Health and Human Services 40% of a nursing home’s residents at present is comprised of individuals from the 18 to 64 age bracket. Common reasons that trigger young people’s early entry into a nursing home are multiple sclerosis, early-on- Alzheimer’s disease, and injuries that were sustained from accidents.
Meanwhile, senior folks who have repeatedly said no amount of convincing will make them enter a nursing home should know that 70% of the current elderly population 65 years of age and older will receive some form of care, and 40% of them will require nursing home care.
Tennessee Long Term Care under the Partnership Program
TennCare, which is the State of Tennessee’s Medicaid program, currently provides the heath care needs of 1.2 million residents. It is not advisable to consider this alone but if you want it to serve as supplemental insurance then by all means.
The government of Tennessee is encouraging its locals to secure a partnership LTCI policy as this will spare them from the high cost of care and inflation. Besides, one need not worry if he’s going to get enough coverage because this type of policy allows an insured individual to apply for Medicaid later on to receive further care without spending down a portion of his assets that is equivalent to the benefits that were initially paid out to him.
For example, your partnership LTCI policy stipulates a maximum benefit amount of $250,000 for three years. In your second year of receiving LTCI benefits you suddenly realized that you have wiped out your assets already. In this situation, all you have to do is apply for Medicaid to receive further care and spare the amount of your assets that is equivalent to $250,000.
Unlike other U.S. states Tennessee has a significant number of insured residents but not every one of them is confident about his or her coverage. If you’re currently window-shopping for the right LTCI policy for your Tennessee long term care, contact your LTCI agent because there is no doubt that he can help you get hold of long term care quotes and the ideal plan.
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