The State of Wyoming is a participant in the federal/state long-term care insurance partnership program. This program was authorized under federal law when President George W. Bush signed the Deficit Reduction Act of 2005 (DRA). This program provides consumers with additional “dollar-for-dollar” asset protection when they own a qualified partnership long-term care insurance policy. This is known as “asset disregard.”
“Asset disregard" means, with respect to qualification for state Medicaid benefits, the disregard of any assets or resources in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary under a qualified long-term care insurance partnership policy.
For example, if a qualified Wyoming Long-Term Care Partnership Policy pays $275,000 in benefits before it is exhausted, that same amount will not be considered (it will be ‘disregarded’) for the spend down required for Medicaid long-term care benefits.
Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $123,600.
Most states have reciprocity with other states' long-term-care partnership programs including Wyoming. This means if you move from or to Wyoming your partnership asset protection follows you as well.
Wyoming does not offer any state tax incentive for long-term care insurance, however, federal tax incentives are available.
A variety of products are approved in Wyoming for Long-Term Care planning.
|Home Health Aide||Average Monthly Rate||$4,767|
|Homemaker Services||Average Monthly Rate||$4,195|
|Adult Day Care||Average Monthly Rate||$2,416|
|Assisted Living||Average Monthly Cost||$4,235|
|Skilled Nursing Home||Semi-Private Monthly||$7,178|
|Skilled Nursing Home||Private Average Monthly||$7,543|