Oregon's Long Term Care
As years passed, the costs of long term care in the State of Oregon have significantly inflated making it a lot more difficult for residents to pay for health care services. Good thing, similar to other states, Oregon has finally established its own Long Term Care Partnership Program which came effective January 1 of 2008.
Oregon's LTC partnership program is a union between the State of Oregon and private insurance companies. The program lets policyholders to protect assets once they need to apply with Medicaid after exhausting their insurance benefits. The set up will be, the amount of assets that are not included when determining Medicaid eligibility, is the dollar amount of insurance benefits received from the partnership policy. It is also the amount of assets that cannot be claimed by the State under the Medicaid asset recovery.
This new program is administered by the Oregon Department of Human Services and Insurance Division. The first government agency mentioned will watch over the Medicaid program while the latter supervises insurance companies permitted to offer insurance policies in the state, including partnership policies. Under the program, partnership policies should meet certain requirements to be determined as qualified partnership policies. And, once found qualified, a partnership policy must provide inflation protection, consumer protection requirements and must be tax-qualified. Qualified policies must also include a written verification stating the legality of the partnership policy.
According to Oregon Law, LTC policies should pay for covered services provided through a nursing home, assisted living facility, home care, and adult foster care. There are instances that policies limit the total benefit they will pay over the life of the policy. Some state the maximum benefit limit in years; others specify a maximum dollar amount. More coverage means less chance you will run out of money to pay for your care.
Both Medicaid and LTC policies marketed in Oregon must cover in-home care as well as any of the following residential options:
Assisted Living - best suited for people who want to be as independent as possible and are able to manage their own treatment.
Adult Foster Care - offer personal and health care to individuals in private residences.
Custodial Care – provided in a nursing home.
Intermediate Care – provided in nursing facilities as well.
Skilled Nursing Care – most appropriate for individuals who are in need of round-the-clock care assistance.
Questions and Answers
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