Long Term Care Insurance Kansas Partnership Companies and Cost
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. 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.
There are several long term care insurance companies offering LTC insurance in Kansas. The Kansas Long-Term Care Insurance Partnership requires these policies offer specific benefits. This may help you choose the level of benefits to include in your long term care insurance policy. Long term care insurance policies sold under the Kansas Long-Term Care Insurance Partnership Program are known as “Partnership Policies”.
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. There are now forty percent of people currently receiving long term care that are between the age of 18 and 64. Long term care insurance is a critical part of financial planning. 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 reasonably good health. This requirement to pass a health screening makes it important to plan ahead. In general terms, this means buying long term care insurance when you’re somewhere between age 50 and 70 and in reasonably good health.
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.
A comprehensive study on national long term care costs is from LifePlans, Inc. for John Hancock Life Insurance Company. Their 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 Kansas. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest life 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 2017 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. Following are Kansas long term care costs from that study.
Kansas Long Term Care Costs – 2017 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Kansas State Median||$74,004||$66,613||$51,000||$48,048|
|Rest of Kansas||$72,088||$64,605||$40,350||$46,332|
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 policy before moving to Kansas.
How Much Does Long Term Care Insurance Cost?
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
- Inflation Protection (if chosen)
Kansas Long Term Care Insurance 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. 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.
How to Buy Kansas Long Term Care Insurance
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 providers:
We give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for your situation. Our independent representatives shop all the major long term care insurance providers in Kansas and give you:
- 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.