Mississippi Long Term Care Insurance
This page covers important long-term care information for residents of Mississippi, including the average cost of long-term care (LTC), the costs of LTC insurance, popular companies offering LTC insurance in the state, and receiving long-term care through Medicaid.
Paying for Long-Term Care
Long-term care is expensive, and the costs associated with it can add up quickly. It is important to keep these costs in mind as you plan for your future long-term care needs, even if you don’t end up purchasing a long-term care insurance policy. To help give you a better idea of the expenses you may face, below we have listed the average prices for some commonly used LTC services in Mississippi.
Average Costs for Common Long-Term Care Services in Mississippi:
- Nursing Home (private room): $219 (Daily)
- Nursing Home (semi-private room): $214 (Daily)
- Assisted Living Facility (private room): $3,332 (Monthly)
- Home Health Aide (X hours/week): $14 (Hourly)
The Costs of Long-Term Care Insurance
The cost of long-term care insurance is impacted by several factors and can vary greatly from policy to policy and person to person. How much you pay will change depending on the amount of coverage you select, the maximum amount of benefit the policy will pay per day, the maximum number of years (typically measured in days) that the policy will pay out, and the total amount that will be available through the policy. The length of the elimination period and the types of services covered by the policy will also influence the cost, as will optional extras such as inflation protection. Other, less-obvious factors can play into a policy’s cost as well. To learn more, please see our article on the subject.
- Average Yearly Premium for an LTC Insurance Policy in Mississippi: $
- Average Daily LTC Benefit Purchased in Mississippi: $132 (per day)
State Partnership Program
Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Policies issued as part of a partnership program are required to meet certain federal and state standards. Such policies also help protect your assets from the spend-down requirements of Medicaid by allowing you to qualify for Medicaid coverage with a larger-than-normal amount of assets. The specific amount typically varies based on the total benefits paid out by your policy.
Mississippi is one of the few states that does not currently have a long-term care partnership program in place.
Medicaid and Medical Assistance
If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover basic long-term care services. The income requirements for Medicaid are typically handled in one of two ways. Income cap states require that your income be at a certain level when you first apply for Medicaid, while non-cap states will allow you to spend your assets down over time. Mississippi is an income cap state.
Mississippi’s Medicaid program provides coverage for stays in certified nursing homes as well as offering Home- and Community-Based Services (HCBS) waivers that allow citizens to receive care in the comfort of their own homes or communities. The Elderly and Disabled Waiver allows qualified individuals to receive a variety of care services, including home-delivered meals, personal care, home health visits, and adult day care. The Assisted Living Waiver allows recipients to reside in a licensed assisted living facility. Services provided under this waiver include personal care, homemaker services, oversight and administration of medication, skilled nursing services, transportation, and more. The goal of both waivers is to allow seniors to receive the care they need while still being able to lead comfortable, independent lives. Other waivers, such as the Independent Living Waiver serving those with severe orthopedic and neurological impairments, are also available.
Certain medical and financial requirements must be met in order to qualify for these programs, and a pre-admission screening application is required in many cases.
Companies Offering Long-Term Care Insurance in Mississippi
Mississippi residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, TransAmerica, and MassMutual. Please take a look at our articles on these insurance companies and others to learn more about their histories, reputations, financial strength, and the policies they offer.
More Useful Links:
Minnesota Long Term Care Insurance