2013 Medi-Cal Resource & CA Partnership Limits

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Medicaid/Medi-Cal Limits
The 2013 Community Spouse Resource Allowance (CSRA)  is $115,920 up from $113,640 (2012)

The maximum Minimum Monthly Maintenance Needs Allowance (MMMNA) for 2013 is $2,898 up from $2,841 (2012)

2013 (DRA 2005) Home Equity Limits: Minimum $536,000 Maximum $802,000 (CA)

CA Average Semi Private N.H. Rate 2013: $7,098
CA Partnership Minimums 
CA Partnership for Long Term Care Minimum Daily Benefit for 2013 is $170 a day for Nursing Home and $119 per day (70% of N. H.) for Residential Care and Assisted Living. Minimum Monthly reimbursement for Home Care (50% of N.H.) is $85 x 30 = $2,550 and $85 x 31 = $2,635. Average Private Pay (Nursing Home) Rate has not been released.  ( It will most likely to remain at $8,640)

Medicare Part B (Medical Insurance Cost)
If your yearly income in 2011 was
Individual           File Joint Return                You Pay
$85,000               $170,000                         $104.90
$85-$107K          $170-$214K                     $146.90
$107-$160K        $214-$320K                     $209.80
$160-$214K        $320-$428K                     $272.70
above $214k        above $428K                   $335.70 

Skilled Nursing Facility Stay
In 2013, you pay

• 0 for the first 20 days of each benefit period
• $148 per day for days 21-100 of each benefit period
• All cost for each day after 100 of the benefit period

LTCi 401: Policy Benefit Choices and Options

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This is an attempt to provide a brief outline of the features and benefits of a Tax Qualified Long Term Care Insurance policy. Descriptions of Choices Options and Features will be discussed at another time.

Choices:

When you decide to purchase LTCi your first choice is what type of policy: Reimbursement, Indemnity or Cash benefit?  Secondly the daily amount: $50-$400 a day.  Then in order to determine the TOTAL amount available in your policy you have a choice of 365 days 1Year (CA Partnership Only) 730 days 2 Year, 1,095 days 3 Year, 1460 Days 4 Year etc.  Some companies may still offer Unlimited (Life Time).

Example: (Reimbursement-No inflation protection)

          $200 of Daily benefit x 1,095 day = $219,000 of Total benefit.

A.   Maximum amount available is no more $200

B.   Total Benefit to be received is $219,000 (LTCi Account Value)

C.   One purchases is dollars not time.  IF one chooses to be reimbursed $100 a day for services received the benefit will last twice as long (6 Years)

Other benefits possibly included in a basic policy: Equipment and Home Modification, Caregiver Training, Respite Care, Bed Reservation, Care Management, Medical Alert, Ambulance service

Options

When considering the purchase of Long-Term Care Insurance there are many options that one needs to consider.  Options increase the cost of the policy.  Some options, like Automatic Inflation are recommended in order to keep pace with the cost of care.  Other options such as Restoration of Benefits are unlikely to occur and are priced accordingly.

Here is a list of options (not all) that are found in policies.  Remember that definitions of these options defer between companies.

·         50%-100% of Nursing Home Benefit for Home Care

·         70%-100% of Nursing Home Benefit For Residential Care

·         Daily or Monthly reimbursement for Home Care

•           Automatic Inflation Protection

o   5% Compound

o   3% Compound

o   5% Simple

(Provided by Genworth)
o   CPI (Consumer Price Index) Inflation protection


(Provided by John Hancock Ins.)

·         Elimination Period 30, 60, 90, 180, 360 Days

o   Calendar Days or Service Days

o   Without or With: Waiver for Home Care Service

·         Shared-care Benefit

·         Survivorship and Waiver of Premium

·         Dual Waiver of Premium

·         Restoration of Benefits

         Nonforfeiture