Hawaii Long Term Care Insurance Cost, Companies and Quotes
Do I Need Long Term Care Insurance?
The U.S. Department of Health and Human Services says about seventy percent of people over age 65 will need long term care during their lifetime. But the need for long term care services is not limited to seniors. There are now forty percent of people currently receiving long term care that are between the ages of 18 and 64. Long term care insurance planning is critical to a financial plan. Critical because traditional health insurance and Medicare do not pay for most long term care services.
To buy long term care insurance, individuals must be enjoying good health. The insurance companies will examine your health history before providing you a long term care policy. This health qualification process makes it important to plan ahead. This means buying long term care insurance when you’re somewhere between the ages of 50 and 70 and while in good health.
Hawaii Long Term Care Costs
Hawaiians should be aware of long term care costs when planning for future long term care needs. Hawaii’s cost of care and future cost projections show how much long term care protection to buy.
A comprehensive study on national long term care costs is from LifePlans, Inc. for John Hancock Life Insurance Company. Their 2016 Cost of Care Study surveyed over sixteen thousand long term care providers across the nation. John Hancock Life Insurance Company provides a Cost of Care Calculator. The calculator adjusts long term care costs for inflation. This allows you to better estimate future long term care costs in Hawaii. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest insurance companies in the United States.
Another study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. The Genworth Financial 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. Following are Hawaii long term care costs from that study.
Hawaii Long Term Care Costs – 2018 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Hawaii State Median||$163,885||$146,000||$66,000||$68,460|
|Rest of State||$171,550||$167,900||$54,000||$68,640|
Hawaii Long Term Care Insurance Partnership
Approximately 43 states now have Long Term Care Insurance Partnership Programs. But, Hawaii does not have a Long Term Care Insurance Partnership. It is section 6021 of the 2005 Deficit Reduction Act that allows for Qualified State LTC Partnerships. This permits States with approved State plan amendments to exclude from estate recovery the amount of LTC benefits paid under a qualified LTC insurance policy. These long term care insurance policies sold under Long-Term Care Insurance Partnership Programs are known as “Partnership Policies”.
Long Term Care Insurance Partnership Programs are three way partnerships. They join The State, long term care insurance companies and the federal Medicaid Program. “Partnership Program” long term care insurance policies must also meet certain federal and state requirements. The purpose of Long-Term Care Insurance Partnerships is to encourage people to plan ahead for how they will pay for future long term care needs. Partnership LTCi Policies provide an extra level of protection, when compared to a regular long term care insurance policy. In particular, such policies permit individuals to protect assets from spend-down requirements under the state’s Medicaid program, if help under Medicaid is ever needed.
There are several long term care insurance companies offering LTC insurance in Hawaii. Long-Term Care Insurance Partnership policies often require insurance companies to offer specific policy benefits. This rule can also limit consumer choices in benefit design, but this is not a concern in Hawaii.
Long Term Care Insurance Partnership Reciprocity
Consider when someone acquires Long Term Care Partnership insurance and they later move to another state that also has an LTC Partnership Program. Reciprocity allows them not to lose the special asset protection when they move.
If already receiving long term care benefits before moving, the new home state also recognizes accumulated asset protection for Medicaid qualification.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Hawaii? The answer: It depends on your age and health history at the time you buy the insurance. Generally speaking, the younger and healthier you are the lower the cost. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Hawaii Long Term Care Insurance Rates
Hawaii Long Term Care Insurance costs about the same as LTC insurance policies sold in other states. Some ages must have inflation protection with Partnership Policies. This mandatory feature of Partnership LTC Policies is not a concern in Hawaii. In states where Partnership Policies are available we recommend consumers compare them to regular policies. To understand your options it’s best to work with an agent specializing in Long Term Care Insurance.
How to Buy Hawaii Long Term Care Insurance
Hawaii Long Term Care Insurance is available from different long term care insurance companies. Federal law requires insurance agents selling LTC Insurance to maintain special Long Term Care Insurance Training before they can sell LTC policies. Here is a list of Hawaii long term care insurance providers:
Request Hawaii Long Term Care Insurance Quotes!
Long term care insurance planning has been our specialty since 1990. You’ll get unbiased, professional information so you can decide if long term care insurance is right for you. Our independent insurance agents represent all the major Hawaii LTC insurance providers and provide you with:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, Mutual of Omaha, Transamerica, LifeSecure and other well respected insurance companies.
- Benefit comparisons of each insurance company’s policy. This comparison examines both the similarities and differences of each long term care plan. We also give you comparisons to the AARP Long Term Care Plan and the Federal Long Term Care Plan.
- Financial stability reviews of each long term care insurance provider’s financial ratings, asset base and claims paying experience.