Arkansas Long Term Care Cost Information
Below you will find the median costs for care in 2010, as compiled by Genworth Financial.
| Region | Home Health Aide Hourly Rate (Medicare Certified) |
Assisted Living Facility Monthly Rate (Private room) |
Nursing Home Daily Rate (Semi-private room) |
Nursing Home Daily Rate (Private room) |
| Fayetteville | $17 | $2,715 | $148 | $160 |
| AR/OK - Fort Smith | $15 | $1,725 | $130 | $142 |
| Hot Springs | $16 | $2,418 | $135 | $150 |
| Jonesboro | $15 | $2,300 | $138 | $145 |
| Little Rock | $15 | $2,560 | $145 | $160 |
| Pine Bluff | $16 | $2,150 | $120 | $145 |
| Rest of State | $15 | $2,700 | $134 | $150 |
What is the Arkansas Long Term Care Insurance Partnership Program?
The Arkansas Long Term Care Partnership Program allows individuals who have purchased a Long Term Care insurance policy and have exhausted the policy benefits to protect some of their assets from the Medicaid spend down requirement (the requirement that Medicaid recipients are legally destitute before receiving benefits). The states are using the program to encourage the sale of private Long Term Care insurance in order to decrease the pressure on state Medicaid budgets. The program hoped to attract low to middle income earners since they are most likely to turn to Medicaid, but surprisingly, attracted higher income Americans as well.
Originally it was a pilot program in 4 states: California, Connecticut, Indiana and New York. However, given the high success of the program in the initial four states, it was expanded as part of the Deficit Reduction Act of 2005 (DRA 05). Now, all states are permitted to provide partnership policies. In addition, the U.S. Department of Health and Human Services (HHS) was directed to draft a reciprocity agreement, which is optional for every state. This reciprocity agreement allows claimants to use their policies in other Partnership states.
Compare the Top Providers
Arkansas residents can compare the top 8 providers of long term care insurance in the state to get the best price.
How do LTCi Partnership Policies differ from other Long Term Care Insurance Policies?
There are two significant differences between Partnership and Non-Partnership policies:
1. Partnership policies carry an endorsement from the State that they meet minimum standards in terms of policy benefits.
2. Partnership policies include a feature known as Medicaid Asset Protection. Protected assets will be disregarded for the purposes of determining financial eligibility if an individual needs to apply for Medicaid to help pay their long-term care bills. Only Partnership policies provide Medicaid Asset Protection.
Are the features of a LTCi Partnership Policy different from other Long Term Care Insurance Policies?
Features of a Partnership Long Term Care Insurance policy vary by state, however, each state requires a minimum daily benefit amount, a minimum benefit period (usually 3 years) and mandates that the policies include inflation protection at younger ages. Many, if not most policies, have options and benefits that exceed these minimums.
- Asset Disregard Benefit
- Inflation Protection - This benefit provides for increase in benefit to cope with increases in future Long Term Care costs. Partnership policies must meet requirements outlined in section 191 7(b)(l)(C)(iii)(IV) of the Social Security Act.
- Tax Qualified Policy Feature - A Partnership policies is a qualified Long Term Care insurance policy as defined in section 7702B(b) of the Internal Revenue Code of 1986, and is therefore under federal tax law.
- Issue Date - The policy must be issued not earlier than the effective date of the Partnership program which is July 1, 2008.
- Residency Status - A policyholder must be a resident of the State of Arkansas when coverage first became effective.
- The Partnership program further requires that insurance companies issuing Partnership policies to provide a report of amount of benefits paid, including a notification when the policy terminates.
Obtaining a Partnership Policy
The Partnership program is relatively new. You may inquire directly with the insurance company if they offer Partnership policies. You may also visit the website of the Arkansas Department of Insurance. The State Department strongly recommends comparison shopping and verifying with the Department's database before purchasing long term insurance policies, whether Partnership or non-Partnership ones. Agents must complete training in accordance with the Department's licensing requirements.
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