Most long term care insurance policies contain exclusions, waiting periods, limitations, and terms for keeping them in force. Your representative can provide you with full details and cost information.

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Disclosure: The following information about long term care insurance has been obtained from the Connecticut Partnership Website.

The Cost of Care

Per the State of Connecticut Annual Nursing Facility Census (September 30, 2008): a nursing home resident now pay on average $327 per day in CT for a semi-private nursing home bed or $120,000 for the entire year. This represents a 5.2% increase from the previous year, when the average cost was $311 per day. 

Connecticut Partnership

Connecticut State law requires CT nursing facilities to provide, at a minimum, a 5% discount on the on the nursing facility rate to every person that owns a CT Partnership-approved long term care insurance policy. 

The other benefit to CT Partnership Plans is the Medicaid Asset Protection. Whatever amount is spent on your care while you are using the benefits of an approved long term care policy provides an equal amount of asset protection if you have to eventually apply for Medicaid (Title 19). This would allow an equal amount of assets accumulated by you to be exempt from "spend down" in order for you to apply for Title 19. In 2008, 69% of nursing home residents were covered by Medicaid.

What are the Medicaid Spend Down Rules?

According to the Connecticut Partnership for Long Term Care, a single person is allowed to keep $1600 in assets and $57 a month of their retirement income or Social Security benefit (updated 01/04).

The spouse of a person who applies for Title 19 (Medicaid) is allowed to keep $18,552 in assets or 1/2 of the combined assets with a maximum of $92,760. They may also keep their residence and 1 vehicle and at least $1561.25 per month with a maximum allowed of $2319 in monthly income. At the time of death  of the "healthy" spouse, however, the proceeds from the sale of the residence must be first used to pay back Title 19 for the care of the spouse who used the Title 19 benefits.  

When is the Best Time to Buy?

According to the Connecticut Partnership for Long Term Care, if you are choosing a plan that includes 5% compounded inflation protection, the best time to purchase long term care insurance is prior to your 60th birthday. This is due to the combined effects of low annual premium that remain level, and benefits that increase by 5% compounded annually (a requirement in CT Partnership plans). Check out the Connecticut Partnership website to find out about the cost of waiting to buy long term care insurance.