South Carolina Long-Term Care Insurance Partnership Program

 

Since January 2009 South Carolina has offered Long-Term Care Insurance Partnership Policy's. The Program is an alliance between the state of SC and private insurance companies. The South Carolina LTC Insurance Program was developed for residents of SC to protect their assets if they ever need to apply for Medicaid.

Under the South Carolina Partnership Program, the state will disregard the policyholder's personal assets equal to amounts paid out under a qualifying insurance policy when it determines the person's eligibility for Medicaid assistance. For example, if a qualifying Long-Term Care Insurance Partnership policy pays out $50,000 in benefits to cover a person's LTC needs, Medicaid would not count up to $50,000 of the person's assets when it determines whether a person is eligible for Medicaid assistance with long term care costs. This means the person would be able to qualify for long term care assistance though Medicaid without first having to spend all of their assets on care.

Under the federal Deficit Reduction Act of 2005, SC is an authorized LTC Partnership program state. SC Partnership policies must be tax-qualified, contain certain consumer protection provisions and provide inflation protection. Read more for certain state requirements.

The average costs of care on a daily basis in the state of SC are listed below:

Homemaker Services
$107
Home Health Aide
$111
Adult Day Care
$50
Assisted Living Facility
$95
Nursing Home, Private Room
$195
Nursing Home, Semi-Private Room
$180

*This information came from the Genworth 2012 Cost of Care Survey.

Click here to request a South Carolina Long-Term Care Insurance Partnership Quote.