The State of Nevada participates in the federal/state long-term care partnership program. Federal law gives authority to the states to establish these partnership programs to help people protect their assets from the high costs of long-term care. The federal Deficit Reduction Act (DRA) of 2005 set standards and gave states the ability to approve these plans.
The Nevada Long-Term Care Partnership Program is designed to encourage individuals to purchase long-term care insurance by allowing Medicaid to disregard some or all of their assets for eligibility purposes. However, individuals who do not have partnership-certified Long-Term Care Insurance will not qualify for the program.
For example, if your qualified long-term care partnership policy paid $300,000 in benefits the state would “disregard” that amount from your estate in qualification for Medicaid long-term care benefits. Generally, Medicaid requires a spend down of assets, a Nevada Partnership Long-Term Care policy provides dollar-for-dollar asset protection so a consumer can keep a portion of their estate based on the value of the benefits paid out and still access Medicaid.
Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $24,180.
Most states have reciprocity with other states' long-term-care partnership programs including Nevada. This means if you move from or to Nevada your partnership asset protection follows you as well.
There are no state tax incentives available in Nevada at this time. Federal tax incentives are available.
A variety of products are approved in Nevada for Long-Term Care planning.
Nevada Long-Term Care Costs
|Home Health Aide||Average Monthly Rate||$4,195|
|Homemaker Services||Average Monthly Rate||$4,195|
|Adult Day Care||Average Monthly Rate||$1,625|
|Assisted Living||Average Monthly Cost||$3,400|
|Skilled Nursing Home||Semi-Private Monthly||$7,300|
|Skilled Nursing Home||Private Average Monthly||$8,289|