Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in Arkansas. Another option is Short-Term Care, which is most often chosen because of health or age limitations.
Arkansas Long-Term Care Partnership Program policies are available. This program joins private long-term care insurance with special access to Medicaid. The purpose of the Arkansas Long-Term Care Insurance Partnership is to help residents prepare for the possibility of needing nursing home care, assisted living care or home care.
Special asset protection features of the Arkansas Long-Term Care Insurance Partnership Program allow you to keep all, or part of your assets under the Medicaid program. This applies if your long-term care needs last longer than the benefits of your Partnership policy.
The cost of Arkansas Long-Term Care Partnership policies is like other LTC coverage. But we do recommend comparing Arkansas Long-Term Care Partnership policies with regular LTC insurance. Doing so can find you a wider range of choices, including Hybrid Long-Term Care Insurance not available under the Arkansas Long-Term Care Partnership Program.
In Arkansas, reciprocity applies if you buy a qualifying Long-Term Care Partnership policy in another State and then later move to Arkansas. Reciprocity means you will not lose the special asset protection when you move to Arkansas.
The State of Arkansas would also recognize accumulated asset protection for Medicaid qualification, if you’re already receiving long term care benefits from your Long-Term Care Partnership policy before relocating.
Your Arkansas long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
Arkansas Long Term Care Costs – 2021 (annual) | ||||
Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
Arkansas State Median | $80,300 | $73,000 | $45,120 | $50,336 |
Fayetteville Area | $83,950 | $73,000 | $43,800 | $59,488 |
Fort Smith | $77,865 | $73,000 | $46,200 | $52,624 |
Hot Springs | $88,513 | $73,000 | $54,000 | $51,480 |
Jonesboro | $69,350 | $63,988 | $43,800 | $46,904 |
Little Rock Area | $85,775 | $73,000 | $53,850 | $51,480 |
Pine Bluff | $79,942 | $72,463 | $39,948 | $48,048 |
Arkansas long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Arkansas:
Our specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage