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Iowa is slowly recovering from the not so pleasant reviews it had received in the previous years in line with long term care. Four years ago the state government received numerous complaints from elderly folks over the age of 80, as they haven’t been receiving the benefits of their long term care insurance (LTCI) policies. Apart from LTCI policy complaints, so many reports have also been disseminated about the worst nursing homes in the State of Iowa. Fast forward to present, Iowa ranks number one in a survey which top LTCI providers conducted to determine the most affordable nursing homes in the country. For a yearly fee of $57,852, you can already have a private room in an Iowa nursing home plus regular meals. Compared to its neighboring states Nebraska and Missouri, Iowa’s LTC costs are still much higher especially in the area of home care. This explains why elders here secure LTCI policies, most of them going for the Iowa long term care partnership program. Even though the state has been recognized for its affordable nursing homes, one still needs to shell out as much as $17 per hour for a home health aide or an annual lump sum payment of at least $49,000. If your health condition does not require a skilled nurse to monitor you 24/7, you can opt for the assisted living facility and a one-bedroom unit here happens to cost $3,182 these days. These figures may be low in comparison to what is offered by other states with a higher standard of living, but despite this aging folks here still see the need to be armed with an LTCI policy that will ensure their health care needs in the future. Since the inception of the Iowa long term care partnership program, aging Iowans don’t only get to secure their future but manage to protect their assets as well as they apply for Medicaid assistance. Under the law, an individual should spend down his assets and should be left with no more than $2,000 or less if he wants to qualify for Medicaid in Iowa. If you’re a policyholder of the Iowa long term care partnership program you don’t need to spend down your liquid assets and other valuable properties which took you years to accumulate, just so Medicaid will take you under its wing later on. This type of LTCI policy has a special feature called the dollar-for-dollar asset protection which allows one to keep a dollar worth of his assets for every dollar that his policy pays out in benefits. For your partnership LTCI policy to be acknowledged as one, it must have an inflation protection. If you are below 61 years old at the time of application to the partnership program, your policy should have an automatic compound inflation of 5%. On the other hand, if at the time of application you were between 61 and 75, you can choose between an annual compounded inflation and annual simple inflation of 5%. Those individuals who purchased the partnership LTCI policy at the age of 76 or older no longer require an inflation rider. For more details on Iowa long term care partnership program, visit CompleteLongTermCare.com. Secure your future and learn more about the 3 in 4 need more campaign.
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