The State of Georgia participates in the federal/state partnership program authorized by Congress and signed into law by President George W. Bush in 2005. The Long-Term Care Partnership Program is administered by the Department of Community Health in collaboration with the Office of the Commissioner of Insurance and the Department of Human Resources, Division of Aging Services. Georgia Long-Term Care Partnership policies provide an alternative to spending down or transferring assets by forming a partnership between Medicaid and private long-term care insurers.
This public-private partnership creates an innovative program offering consumers access to quality, affordable long-term care insurance and a way to receive needed care without depleting all their assets. Georgia Partnership Long-Term Care policies provide Medicaid asset protection. For every dollar that a partnership policy pays out in benefits, a dollar of assets can be protected (disregarded) from the long-term care Medicaid asset limit. The protected assets will also be exempted from Estate Recovery in the amount equal to the benefits paid by the partnership policy.
Once private insurance benefits are used, special Medicaid eligibility rules are applied if additional coverage is necessary. This dollar-for-dollar asset protection makes sure you never exhaust all your assets no matter how long your care situation lasts.
Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $123,600.
Most states have reciprocity with other states' long-term-care partnership programs including Georgia. This means if you move from or to Georgia your partnership asset protection follows you as well.
A variety of products are approved in Georgia for Long-Term Care planning. There are no current state tax incentives available at this time, federal tax incentives do apply.
Georgia Long-Term Care Costs
|Home Health Aide||Average Monthly Rate||$3,623|
|Homemaker Services||Average Monthly Rate||$3,623|
|Adult Day Care||Average Monthly Rate||$1,300|
|Assisted Living||Average Monthly Cost||$2,800|
|Skilled Nursing Home||Semi-Private Monthly||$6,222|
|Skilled Nursing Home||Private Average Monthly||$6,707|