Tennessee Long-Term Care

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The State of Tennessee is a participant in the federal/state long-term care partnership program. The program, which was authorized by an Act of Congress and signed into law by President Bush in 2005, allows states to provide additional asset protection for those who purchase qualified long-term care insurance policies.

The Tennessee Long-Term Care Partnership Program is an agreement between the state government and private insurance companies to assist individuals in planning for their long-term care needs. Insurance companies voluntarily agree to participate in the Tennessee Partnership Program by offering long-term care insurance coverage that meets certain state and federal requirements.

Long-Term Care insurance policies that qualify as partnership policies may protect the policyholder’s assets through a feature known as “Asset Disregard” under TennCare, Tennessee’s Medicaid program. “Asset Disregard” means that an amount of the policyholder’s assets equal to the amount of long-term care insurance benefits received under a qualified Partnership policy will be disregarded for the purpose of determining the insured’s eligibility for Medicaid. This generally allows a person to keep assets equal to the insurance benefits received without affecting the person’s eligibility for Medicaid.

Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $24,720.

Most states have reciprocity with other states' long-term-care partnership programs including Tennessee. This means if you move from or to Tennessee your partnership asset protection follows you as well.

Tennessee does not offer any state tax incentive for qualified long-term care insurance, however, federal tax incentives are still available.

A variety of products are approved in Tennessee for Long-Term Care planning.

Tennessee Long-Term Care Costs

Home Health Aide Average Monthly Rate $3,766
Homemaker Services Average Monthly Rate $3,613
Adult Day Care Average Monthly Rate $1,452
Assisted Living Average Monthly Cost $3,920
Skilled Nursing Home Semi-Private Monthly $6,388
Skilled Nursing Home Private Average Monthly $6,844