Nebraska Long Term Care Insurance
Cornhusker State, as Nebraska is aptly called, has been known for its locals being strong-willed and hard workers. Also known as Golden Knights, Nebraskan locals had a health issue back in February of 2013. A flu outbreak had been terrorizing nationwide and Nebraska was among the states that were hit.
Easy to neglect, the flu started as a common cold before building its way up to a point that the infected locals had to be hospitalized. Adults and children alike had been infected and over a hundred deaths had been linked with this flu.
Seniors were not spared as well. Over 100,000 people were infected and hospitalized and unfortunately, most of these people were admitted without any health insurance or long term care insurance. Currently, the average cost of private rooms in Nebraska’s nursing homes costs over $70,000 annually.
One-bedroom assisted living facilities charge a rate of over $3,500 monthly. The 5% inflation rate in long term care costs shows that these rates are expected to have an increase within the next 20 years.
Average Costs of Long Term Care Services in Nebraska
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. The table below lists the average annual costs of care in the major areas in Nebraska. This information was taken from Genworth Financial’s 2010 Cost of Care survey.
Long Term Care Partnership Program in Nebraska
In 2006, the Nebraska Long Term Care Insurance Partnership Program was created by the Legislative Bill 965 and its primary objective is to aid Nebraskans creating a relevant long term health care decision as well as granting them to keep a bigger amount of their assets whenever Medicaid application is needed.
Nebraska has adopted the Partnership Program once the Deficit Reduction Act (DRA) of 2005 had been implemented. The Partnership Program offers special benefits for the policyholders which includes asset protection, inflation protection, and tax deductions.
Partnership Policy Requirements in Nebraska
Aside from being required to be a certified Nebraskan local, part of the qualifications of getting Medicaid assistance is a Social Security number. Inquiries for further details can be done online, over the phone, sent by fax or getting it through email with a printable version. Sensitive details can only be discussed further within the interview of the application.
Other states that also offer partnership insurance programs can provide accommodation and give reciprocity to Nebraskans who had decided to transfer to their state, thus qualifying the Nebraskan for asset protection.
Request Free LTC Insurance Quotes in Nebraska
Find out how much a long term care insurance policy costs in Nebraska 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.