The State of North Dakota has been participating in the federal/state long-term care partnership program since 2007. The North Dakota Long-Term Care Partnership Program is a collaboration between state government and insurance companies. Under this partnership, consumers who purchase qualifying long-term care insurance policies can access Medicaid coverage while retaining assets they would normally first be required to spend on their long-term care.
This is what is referred to as “dollar-for-dollar” asset protection or “asset disregard”. This additional asset protection allows you to keep assets you would normally would not be allowed to keep if you didn’t have a policy and had to spend your own assets for care. Even a small policy can provide solid asset protection providing you and your family with additional peace-of-mind.
Long-Term Care Medicaid spend down is $3000. A spouse’s minimum asset allowance is $123,600.
Most states have reciprocity with other states' long-term-care partnership programs including North Dakota. This means if you move from or to North Dakota your partnership asset protection follows you as well.
North Dakota Long-Term Care Partnership policies also qualify for an annual $250 North Dakota income tax credit. The tax credit appears on line 16 of Schedule ND-1TC. You are allowed a tax credit for premiums you pay for a partnership long-term care insurance policy that covers you or your spouse, or both. To qualify, you must be a North Dakota resident at the time you pay the premium.
A variety of products are approved in North Dakota for Long-Term Care planning.
|Home Health Aide||Average Monthly Rate||$5,148|
|Homemaker Services||Average Monthly Rate||$5,148|
|Adult Day Care||Average Monthly Rate||$2,419|
|Assisted Living||Average Monthly Cost||$3,315|
|Skilled Nursing Home||Semi-Private Monthly||$11,027|
|Skilled Nursing Home||Private Average Monthly||$11,690|