Hawaii Long-Term Care Insurance Planning
Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
- Traditional Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
Multiple Highly Rated Companies
Owning long-term care insurance in Hawaii 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.
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Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2024, the average cost for 3 years of long-term care in Hawaii is $556,824 ($185,608/year). That cost is projected to be $1.1 million ($369,320/year) in 2044.3
Understand Long-Term Care Costs
Cost of Long-Term Care in Hawaii – 2024 (annual) | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| State Average | $185,608 | $93,939 | $89,070 |
| Kahului-Wailuku-Lahaina | $160,006 | $65,439 | $79,274 |
| Urban Honolulu | $146,365 | $118,896 | $91,520 |
| Rest of Hawaii | $213,448 | $68,482 | $89,070 |
Source: Nationwide Financial annual cost of care survey conducted by HVS, site accessed 5/03/2024
Does Medicare Cover Long-Term Care?
No, Medicare does not pay for most 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
When To Buy Long-Term Care Insurance
The best time to buy long-term care insurance is when you’re in your fifties or early sixties. Here’s why:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
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.
How Much Does LTC Insurance Cost in Hawaii?
Hawaii long-term care insurance rates depend on your current age, health history and available discounts. Additionally, the following plan design features allow you to choose how much protection is right for your situation:
- Benefit Period (how long benefits are paid)
- Daily Benefit (how much is paid each day)
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Ready to get pricing and suggestions?
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Hawaii Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Hawaii.
Traditional Long-Term Care Insurance
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care policies purchased are traditional LTC plans
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will NOT increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Annuities with LTC >
Short-Term Care Insurance
- Coverage for a year or less with the option of home health care only, facility only, or both combined
- Lower premiums than long-term care insurance and some policies available to age 89
- Simplified underwriting may be a good fit if you’ve been declined for LTC insurance
- No deductible option means benefits would be paid out as soon as you qualify
- Learn more about Short-Term Care Insurance >
Hawaii Long-Term Care Partnership Program?
Hawaii does not currently have a Long-Term Care Partnership program.
Approximately 43 states do have Long-Term Care Insurance Partnership Programs. Partnership Programs combine private long-term care insurance with special access to Medicaid. These plans allow insureds to protect some or all of their assets from Medicaid spend down should their long-term care needs last longer than the benefits of their Partnership policy.
Long-Term Care Insurance Companies in Hawaii
Hawaii 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 Hawaii:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Mutual of Omaha
- National Guardian Life (NGL)
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- OneAmerica
- Securian Financial
- State Farm
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Hawaii LTC 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
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About the Author: Mike Berger
Reviewed by: Craig Matesky