The State of Ohio participates in the federal/state long-term care partnership program which was authorized under federal law. The Ohio Partnership for Long-Term Care Insurance is between the state of Ohio and private insurance companies. The partnership was created to encourage Ohioans to plan for their long-term health care needs. If you purchase a qualified partnership policy, you will gain additional coverage for long-term care services.
This “additional” coverage is in the form of “asset disregard” or “dollar-for-dollar asset protection.” In the event that you exhaust the benefits from your long-term care insurance policy you would be allowed to keep more of your assets and still qualify for Medicaid long-term care services. Ohioans without a partnership policy who need Medicaid long-term care services must deplete almost all of their assets to qualify for the Medicaid program. An Ohio Long-Term Care Partnership policy allows you to shelter part of your estate equal to the total amount of benefits paid by your LTC policy.
Long-Term Care Medicaid spend down is $1500. A spouse’s minimum asset allowance is $24,720.
Most states have reciprocity with other states' long-term care partnership programs including Ohio. This means if you move from or to Ohio your partnership asset protection follows you as well.
The state of Ohio also offers tax incentives in addition to the federal tax incentives that exist. A state tax deduction is available for the amount paid for qualified LTC insurance for the taxpayer, his/her spouse, and dependents (but only to the extent not otherwise allowable as a deduction or exclusion in computing federal or Ohio adjusted gross income).
A variety of products are approved in Ohio for Long-Term Care planning.
Ohio Long-Term Care Costs
|Home Health Aide||Average Monthly Rate||$4,040|
|Homemaker Services||Average Monthly Rate||$4,004|
|Adult Day Care||Average Monthly Rate||$1,224|
|Assisted Living||Average Monthly Cost||$4,178|
|Skilled Nursing Home||Semi-Private Monthly||$6,798|
|Skilled Nursing Home||Private Average Monthly||$7,604|