Long Term Care Insurance Kansas Partnership Companies and Cost
Kansas Long Term Care Planning
Planning ahead for future long term care needs is a key part of retirement planning. Many people have had first-hand experience with a loved one who needed long term care services. These experiences underscore the reality of the financial and emotional stress when a loved one needs long term care.
A long term care plan can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need it in the future. Long term care insurance also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
Who Needs Long Term Care Services?
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. It’s important to note that the need for long term care services is not limited to seniors. Currently, forty percent of those receiving long term care are between the age of 18 and 64.
Does Medicare Cover Long Term Care?
Medicare is the federal health insurance program for people over 65 and for some younger people with disabilities. But Medicare does not pay for most long term care services. Specifically, Medicare does not pay for custodial care which makes up more than 90% of all long term care services. An example of custodial care is when someone needs help with walking, bathing, eating, dressing or using the toilet.
Custodial care is also 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.
Types of Long Term Care Insurance
There are two types of protection for long term care needs:
- Traditional Long Term Care Insurance.
- Hybrid Long Term Care Insurance. This includes long term care annuities and long term care life insurance.
Each type has its specific advantages. Our comparisons explain the differences to help you decide which may be best for you.
The Best Age To Buy Long Term Care Insurance
Like most advisers, we recommend buying long term care insurance in your fifties or early sixties. The primary reasons for this recommendation are:
- The younger you are when you buy a policy, the lower the annual premiums.
- 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.
- Even though you’ll pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
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. Our long term health insurance quotes and comparisons take into account your age, health history, and all applicable health discounts.
Kansas Long Term Care Costs
Kansans need to know long term care costs when planning for future long term care needs. Kansas cost of care, and future cost projections, show you how much long term care protection to have in your retirement plan.
The most up to date study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. Their 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. And they provide a Cost of Care Calculator which adjusts long term care costs for inflation. This allows you to better estimate future long term care costs in Kansas. Following are Kansas long term care costs from that study.
Kansas 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)|
|Kansas State Median||$70,379||$64,970||$54,675||$48,048|
|Rest of Kansas||$67,525||$62,415||$47,400||$45,760|
Kansas Long Term Care Insurance Partnership
The Kansas Partnership for Long-Term Care Insurance encourages people to plan ahead for how they will pay for future long term care needs. It is a cooperative effort between the State of Kansas, long term care insurance companies and the federal Medicaid Program. LTC insurance policies provided under this program are commonly referred to as Partnership Policies. These Partnership long term care insurance policies must meet both federal and state requirements.
Partnership LTCi Policies provide an extra level of protection compared to regular long term care insurance. These policies permit individuals to protect assets from Kansas’s Medicaid spend-down requirements if help under that program is ever needed.
Kansas Long Term Care Partnership Rates
Long Term Care Insurance Kansas Partnership policies cost about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of Kansas Long Term Care Insurance Partnership policies can limit your options when selecting policy benefits and also drive up the cost of insurance. So consumers should compare Kansas LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent specializing in long term care insurance.
Kansas Long Term Care Partnership Reciprocity
Consider when someone buys Long Term Care Partnership insurance in another State and then later moves to Kansas. Reciprocity between partnership sates means they will not lose the special asset protection when they move to Kansas. The State of Kansas would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their Partnership Policy before moving to Kansas.
How Much Does LTC Insurance Cost In Kansas?
How much does long term care insurance cost in Kansas? 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 (a deductible in days)
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
Buying Long Term Care Insurance In Kansas
Long Term Care Insurance Kansas Partnership policies are offered by several long term care insurance companies. Insurance agents offering LTC Partnership policies must maintain a special certificate of training. Here is a list of Kansas long term care insurance companies:
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