Virginia Long-Term Care

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The Commonwealth of Virginia participates in the federal/state long-term care insurance partnership program. The program, which was authorized under federal law (Deficit Reduction Act of 2005) provides consumers with additional asset protection if they own a qualified partnership long-term care insurance policy.

Virginians are now able to purchase LTC Partnership policies. The Virginia Long-Term Care Partnership is an alliance between the private insurance industry and the Virginia state government to help Virginians afford future long-term care services without depleting all of their assets to pay for care. LTC partnership policyholders who use their LTC Partnership insurance policy benefits, and who eventually apply for Medicaid coverage, are able to maintain some level of assets (equal to the long-term care

insurance benefit paid) above the $2,000 Medicaid asset limit currently in place. This way, those policyholders have an additional safeguard for their estates based on the benefits paid out by the policy.

For every dollar that a Virginia Partnership Long-Term Care insurance policy pays in benefits, a dollar of personal assets can be protected (disregarded) during the Medicaid eligibility spend down.

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 Virginia. This means if you move from or to Virginia your partnership asset protection follows you as well.

Virginia offers a state tax deduction for long-term care insurance. The amount paid annually in LTC insurance premiums may be deducted from federal adjusted gross income in computing Virginia taxable income. The deduction is only allowed if the individual did not claim a deduction for these premiums for federal income tax purposes.

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

Virginia Long-Term Care Costs

Home Health Aide Average Monthly Rate $3,953
Homemaker Services Average Monthly Rate $3,787
Adult Day Care Average Monthly Rate $1,471
Assisted Living Average Monthly Cost $4,508
Skilled Nursing Home Semi-Private Monthly $9,475
Skilled Nursing Home Private Average Monthly $9,901