The high cost of nursing home or assisted living care is one of the most common health care concerns that most people will face in their lifetime.

Unfortunately, it is also one that many of us put off dealing with until those costs are upon us.

In South Dakota, the annual cost of a typical nursing home stay is more than $50,000 a year, and growing. Those soaring costs put a considerable strain on both personal finances and on the federal healthcare programs, Medicare and Medicaid.

That's why the announcement of a partnership by the state of South Dakota and the Centers for Medicare and Medicaid Services (CMS) for longterm-care insurance options is such good news.

The Long-Term Care Partnership Program, administered by the Department of Social Services and the Division of Insurance, provides an alternative to spending down or transferring assets by forming a partnership between Medicaid and private long-term care insurers. Partnership policies will be tax qualified plans under federal law and provide inflation protection benefits for purchasers. Once private insurance benefits are exhausted, special Medicaid eligibility rules are applied if additional coverage is necessary.

"By working together, this public-private partnership will offer individuals quality, affordable long-term care insurance and a way to receive needed care without depleting all their assets," Gov. Mike Rounds said.

We agree that this is an exciting opportunity for South Dakotans to take control of the costs of longterm care by making more affordable long-term insurance plans available that combine private insurance and government programs in innovative ways.

South Dakota was one of 10 states to receive a $50,000 grant to promote the program.

Later this fall, information will be available to the public through free Long-Term Care Partnership Program Education Sessions, along with written materials and a newly developed website containing useful information. Those sessions will help consumers take ownership of and make informed decisions about the healthcare choices that best fit their future care needs.