The State of Idaho participates in the federal/state partnership program for long-term care. Authorized under federal law in 2005, it provides additional dollar-for-dollar asset protection if you have a qualified partnership long-term care policy. The Idaho Long-Term Care Partnership Program is a program that involves state government and private insurers. Its purpose is to encourage people to prepare for their future care needs by purchasing insurance that pays when a person requires extended care either at home, or in a facility like assisted living or nursing home.
Under the Idaho Long-Term Care Partnership Program, the state will disregard the policyholder’s personal assets equal to the amount paid out under a qualifying insurance policy when determining the person’s eligibility for Medicaid assistance. For example, if a qualifying insurance policy pays out $250,000 in benefits to cover a person’s long-term care needs, Medicaid would not count up to $250,000 of the person’s assets when it determines whether the person is eligible for Medicaid assistance for long-term care costs. This means the person would be able to qualify for long-term care assistance through Medicaid without first having to spend all their personal assets on care.
Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $24,720.
Most states have reciprocity with other states' long-term-care partnership programs including Idaho. This means if you move from or to Idaho your partnership asset protection follows you as well.
There are state tax incentives available. Premiums paid for LTC insurance during the taxable year, when the LTC insurance is to be for the benefit of the taxpayer, a dependent of the taxpayer, or an employee of the taxpayer, may be deducted from taxable income to the extent that the premium is not otherwise deducted or accounted for by the taxpayer for Idaho income tax purposes. The deduction may be taken for a federally tax-qualified LTC insurance policy meeting Idaho’s definition of LTC insurance. Federal tax incentives also apply.
A variety of products are approved in Idaho for Long-Term Care planning.
Idaho Long-Term Care Costs
|Home Health Aide||Average Monthly Rate||$3,813|
|Homemaker Services||Average Monthly Rate||$3,815|
|Adult Day Care||Average Monthly Rate||$2,600|
|Assisted Living||Average Monthly Cost||$3,475|
|Skilled Nursing Home||Semi-Private Monthly||$7,574|
|Skilled Nursing Home||Private Average Monthly||$8,045|