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Wednesday, May 22, 2013
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The official Web site for the
Minnesota Long Term Care Partnership
|Avg. daily rate nursing home, private||Avg. daily rate nursing home, semi-private||Avg. monthly rate, assisted living facility||Avg. hourly rate, home health aide||Avg. hourly rate, home-maker services|
|TC Metro area||$156||$132||$3,123||$26||$21|
|Rest of Minnesota||$131||$115||$2,029||$31||$19|
Source: U.S. HHS, 2006, longtermcare.gov
About 60 insurers sell long-term care insurance in Minnesota. To sell Partnership coverage, insurers must have their policy filings certified by the State. To view this list, go to MinnesotaHelp.info® and search on “Long Term Care Partnership insurance companies.”
You can check on an insurer’s status thought the Minnesota Department of Commerce’s vendor, Sircon. You can also check to see if the state has taken any enforcement actions again the company. Some financial rating institutions, including A.M. Best and Moody’s, provide free online ratings information. Other ratings institutions, including Standard and Poors, Fitch, and Weiss, may be available for purchase or through a library.
You can check on a Minnesota agent’s licensing status through the Minnesota Department of Commerce’s vendor, Sircon. You can also check to see if the state has taken any enforcement actions again the agent.
If you find yourself in a dispute with an insurer or agent and are unable to resolve it yourself, the Minnesota Department of Commerce maybe able to help. Visit Insurance Complaints, or call 800/657-3602.
Minnesota insurers are being asked to identify and notify persons whose coverage currently meets Partnership criteria by December 31, 2008 (or 30 days after the insurer starts to market Partnership coverage, whichever comes later). If you do not receive a notice in the mail regarding this, please call your insurer. If your coverage does not meet Partnership criteria, your agent or insurer should be able to tell you whether there are changes you can make in order for it to qualify as Partnership.
A number of other states have implemented Partnership programs or are in the process of developing them. The federal government has developed standards for a national reciprocity agreement for all states participating in the Partnership program. A person who has purchased a Partnership policy in one state can receive asset protection when applying for medical assistance for Long-Term Care in another Partnership state with which the first Partnership state has reciprocal agreement.
Minnesota residents can claim a state tax credit of up to $100/year on Schedule M-1LTC. For more information, e-mail the Minnesota Department at firstname.lastname@example.org or call 1-800-652-9094. Long-term care insurance premiums cannot be deducted or claimed on a pre-tax basis. If you itemize deductions on your federal return, you may be able to deduct your premiums if your total medical care expenses exceed 7.5% of your adjusted gross income. For further information, see IRS Publication 502.
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