The State of Oregon participates in the federal/state long-term care partnership program which was authorized by federal law in 2005. The State established a partnership among the Department of Human Services (DHS), the Department of Consumer and Business Services, and some private long-term care insurers to offer special long-term care (LTC) insurance policies that entitle policyholders to asset protection. These policies must meet certain state and federal requirements. A qualified partnership policy (QPP) may be entitled to special asset protection under Oregon’s Medicaid program.
With a qualified Oregon Long-Term Care Partnership policy, you may qualify for Medicaid long-term care benefits and keep more assets than what is normally allowed under law. Assets include money in the bank, investments, and real property. Generally, people qualify for Medicaid when they have assets of $2,000 or less. A QPP allows you to keep assets equal to the amount of LTC insurance benefits you received. Also, a QPP protects your inheritance for the same amount.
For example, if your QPP paid $350,000 in LTC benefits, you would get to keep the $2,000 Medicaid normally allows and also shelter $350,000 in additional assets and while still becoming eligible for Medicaid. Whatever the policy paid is what will be “disregarded” in the spend-down requirements. This allows for additional asset protection.
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 Oregon. This means if you move from or to Oregon your partnership asset protection follows you as well.
Oregon no longer offers a state tax incentive for qualified long-term care insurance, however, federal tax incentives are still available.
A variety of products are approved in Oregon for Long-Term Care planning.
Oregon Long-Term Care Costs
|Home Health Aide||Average Monthly Rate||$4,671|
|Homemaker Services||Average Monthly Rate||$4,576|
|Adult Day Care||Average Monthly Rate||$1,918|
|Assisted Living||Average Monthly Cost||$4,070|
|Skilled Nursing Home||Semi-Private Monthly||$8,784|
|Skilled Nursing Home||Private Average Monthly||$9,262|