Ohio long term care is an interesting subject these days as Medicaid funds allotted for various nursing homes in the state have been decreased while budget for community-based LTC facilities and home care has gone up.

This new algorithmic program of Medicaid is in conformity with the federal government’s goal of restructuring the health program’s system so that it can curb its massive spending on long term care and offer better services to the poor.

However, Ohioans shall still be required to spend down their assets until it is no more than $1,500 before they can enjoy this new project of the said federal health insurance program.

Now let’s say you have been working for close to 30 or 40 years, do you think it is fair on your part to use up all of your assets just so you can receive the benefits which are offered by Medicaid?

Think hard because you have a wide array of options and asset depletion should be the least of your considerations.

Although the cost of care in Ohio is high, bear in mind that it is definitely more manageable than that of other states. In Ohio, you can still find a nursing home with an annual rate that is below $80,000 while those in other states such as Washington, Vermont, California, Hawaii, Massachusetts, Rhode Island, Wisconsin, and Alaska would range from $90,000 to $230,000.

Planning Ohio Long Term Care

Ohioans have more ways now to plan their future health needs since their state gave birth to the long term care insurance partnership program. This is an offshoot of the efforts of the Ohio Department of Job and Family Services, Department of Insurance, and the Department of Aging in building a partnership with private insurance companies and the Medicaid program.

Long term care insurance (LTCI) policies that comply with the partnership program is a good alternative to expensive LTCI policies that stipulate a long or lifetime benefit period. You may receive maximum LTC coverage from a policy with a long benefit period but this will subject you to very high annual premiums.

As for partnership-qualified LTCI policies, you will be able save on annual premiums by settling for a shorter benefit period and still receive maximum healthcare coverage. Individuals with a partnership-qualified LTCI policy can automatically apply for Medicaid assistance after having exhausted their insurance benefits and need not worry at all about spending down their assets.

Ohioans with a partnership LTCI policy can keep a portion of their assets that has a total amount which is equivalent to their policy’s maximum benefit amount. When death comes for them these assets shall also be spared from estate recovery and will go directly to their heirs.

Policies under the partnership program were primarily designed for people with limited resources, but in the long run the upper-class eventually picked up on the advantages of securing this type of LTCI plan.

Whether you are rich or not, you deserve to get the best Ohio long term care services so plan your future healthcare needs while you are young and in good health.