Connecticut Partnership For Long Term Care Insurance Cost, Review & Quotes
Connecticut Long Term Care Planning
Planning ahead for future long term care needs is a critical 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 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. 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.
Does Medicare Pay For Long Term Care Costs?
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 long term care. An example of custodial care is when someone needs help with walking, bathing, eating, dressing and 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.
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 have to 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.
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. One of our independent long term care agents can explain the differences to help you decide which is best for you.
Related: Request a long term care insurance comparison and planning guide.
Connecticut Long Term Care Costs
Connecticuters need to know long term care costs when planning for future long term care needs. Connecticut’s current cost of care and future cost projections, tell 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 latest 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 Connecticut. 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 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers across the country. Following are Connecticut long term care costs from that study.
Connecticut 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)|
|Connecticut State Median||$164,798||$151,475||$56,400||$52,624|
|New Haven Area||$160,053||$145,635||$41,220||$56,628|
|Rest of Connecticut||$191,421||$163,732||$43,200||$49,764|
Connecticut Partnership For Long Term Care Insurance
The Connecticut Partnership For Long Term Care is a three way partnership. It joins the State of Connecticut, long term care insurance companies and the federal Medicaid Program. “Partnership” long term care insurance policies must also meet certain federal and state requirements.
The purpose of the Connecticut Partnership For Long-Term Care is to encourage people to plan ahead for how they will pay for future long term care needs. These 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 Connecticut’s Medicaid program (SoonerCare) if help under this program is ever needed.
There are several long term care insurance companies offering LTC insurance in Connecticut. The Connecticut Long-Term Care Insurance Partnership requires these companies offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy. Long term care insurance policies sold under the Connecticut Long-Term Care Insurance Partnership Program are known as “Partnership Policies”.
Connecticut Long Term Care Partnership Reciprocity
Let’s consider the situation where someone buys a Long Term Care Partnership policy in another State and then later moves to Connecticut. Reciprocity means they will not lose the special asset protection when they move to Connecticut. The State of Connecticut would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their Long Term Care Partnership policy before relocating.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Connecticut? 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)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
Connecticut Long Term Care Insurance Rates
Connecticut Partnership For Long Term Care Insurance policies cost about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of Connecticut Long Term Care Insurance Partnership policies can limit your options when selecting policy benefits. So consumers should compare Connecticut LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent specializing in Long Term Care Insurance.
Long Term Care Insurance Companies in Connecticut
Connecticut Partnership For Long Term Care insurance policies are offered by several long term care insurance companies. Insurance agents offering LTCi Partnership policies must maintain a special certificate of training. Here is a list of Connecticut long term care insurance providers:
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