The State of South Carolina participates in the federal/state long-term care program. The program, which was authorized under the federal Deficit Reduction Act (2005), provides consumers a way to protect assets from the high costs of long-term health care. The South Carolina Long Term Care Partnership is a joint effort between the Federal Medicaid Program and Long Term Care (LTC) insurers in cooperation with the South Carolina Department of Health and Human Services and the Department of Insurance
The Partnership was created to help South Carolina residents pay for the high cost of long-term care expenses without spending life savings. The partnership approved plans allow you to pay for needed care, whether at home, in an assisted living facility, or in a nursing home, all while preserving your dignity and independence. You no longer have to worry about impoverishing yourself or losing your savings to pay for long-term care expenses. This is referred to as “dollar-for-dollar” asset protection. In the event that you exhaust the benefits from your qualified South Carolina Long-Term Care Partnership insurance policy an equal amount of assets will be “disregarded” in the spend-down and recovery requirements in order to qualify for Medicaid long-term care benefits.
Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $66,480.
Most states have reciprocity with other states' long-term-care partnership programs including South Carolina. This means if you move from or to South Carolina your partnership asset protection follows you as well.
South Carolina does not offer any state tax incentives for qualified long-term care insurance, however, federal tax incentives are still available.
A variety of products are approved in South Carolina for Long-Term Care planning.
South Carolina Long-Term Care Costs
|Home Health Aide||Average Monthly Rate||$3,813|
|Homemaker Services||Average Monthly Rate||$3,623|
|Adult Day Care||Average Monthly Rate||$1,300|
|Assisted Living||Average Monthly Cost||$3,500|
|Skilled Nursing Home||Semi-Private Monthly||$6,418|
|Skilled Nursing Home||Private Average Monthly||$7,209|