Delaware participates in the federal/state partnership program as of November of 2011. A Delaware Partnership Long-Term Care insurance policy provides you with additional asset protection as authorized under the federal Deficit Reduction Act (DRA). If you spend down all the money in your qualified LTC policy you will have the ability to apply for Medicaid under modified eligibility rules that include a special feature called an ‘asset disregard’ or “dollar-for-dollar” asset protection.
The asset protection is equal to the amount of benefits paid by the policy. The policy must meet state guidelines and have the appropriate inflation protection as required by law. The state will not attempt to recover any money from the estate equal to the amount of benefits protected under your partnership long-term care policy.
Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $25,000.
Most states have reciprocity with other states' long-term-care partnership programs including Delaware. This means if you move from or to Delaware your partnership asset protection follows you as well.
There are no current state tax incentives available at this time, federal tax incentives do apply.
A variety of products are approved in Delaware for Long-Term Care planning.
Delaware Long-Term Care Costs
|Home Health Aide||Average Monthly Rate||$4,385|
|Homemaker Services||Average Monthly Rate||$4,052|
|Adult Day Care||Average Monthly Rate||$1,797|
|Assisted Living||Average Monthly Cost||$5,350|
|Skilled Nursing Home||Semi-Private Monthly||$10,494|
|Skilled Nursing Home||Private Average Monthly||$10,950|