subject: Senior Population In Virginia Spurs Greater Long Term Care Needs [print this page] The senior population in Virginia is growing at fast rate that makes up 12 percent of the state's total population. According to some experts, the adults age 65 and above will comprise about 19 percent of the population by the year 2030.
Together with the increasing adult population, these seniors will most likely suffer from health and economic issues that will require care from a loved one or paid care services in order to continue life at its fullest. The group of elders 85 and above are the most susceptible to health problems. Women live longer than men, so women will more likely need long term care services than men do.
Demographics clearly visionalize what could happen among seniors in the next years. This also raises concern as to how Virginians would respond to those needs amidst the price hike of most long term care services. And the most intriguing question is: Who's going to pay for it?
The Genworth Financial, a fortune 500 financial security company, conducted statewide survey and reported that nearly two-thirds of people age 65 and above will need long term care either in their residences or in a nursing facility. However, the irony of this is that nobody wants to discuss it or admit it to themselves. Almost 90 percent of people aged 55 and above admit that they have not talkedabout long term care issues with their spouse, partner, children, and relatives. This clearly implies that most Virginians are hesitant to plan for their long term care, obviously because of its high costs and there's no state program, even Medicaid, that will support such care.
The Genworth Financial reveals the figures of the survey. In Richmond area, the rate of home health aide accrues to about $16 to $20 per hour. The rate of assisted living facility costs between $1,300 and $5,675 a month. The private nursing home daily rates in Richmond area range $187 to $284 per day, while adult day care costs around $46 to $64 a day.
The Virginia Long Term Care Insurance Partnership
Like all partnership prograns, the Virginia long term care insurance partnership is a joint effort between the state government and private insurance companies to help people plan for their long term care needs. Insurance companies agree to adhere to the requirements of the state and the Deficit Reduction Act by providing what is known as the "partnership policies."
The most popular feature of partnership policy is the asset disregard. Before, people have to exhaust their assets first until they reach the Medicaid limit. All applicants are expected to have a maximum assets worth $2000 for individual and $2300 for couples, meaning that you have to eventually remain poor in return for Medicaid assistance. However, with asset disregard, applicants need not deplete their assets just to be included on the successful list of Medicaid recipients because the asset disregard feature allows policyholders to keep much as they want. This is because the amount the policyholder can protect is equal to the amount of insurance benefits received under the partnership policy. Also, partnership policies include annual inflation protection and tax-qualified benefits.
