Long Term Care Insurance Florida Partnership Companies and Cost
Florida 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.
Click To Get Florida Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in Florida.
What is The Risk of Needing of Long Term Care?
Someone turning age 65 today has about a 70 percent chance of needing some type of long term care during their lifetime. While one-third may never need long term care, 20 percent will need it for longer than 5 years. The average length of time people need long term care services is 3 years.1.
In Florida, the average cost for 3 years of long term care is $337,917 ($112,639 per year) at 2019 rates. That cost is projected to be $610,317 ($203,439 per year) in 2039.2.
And it’s not only seniors that need long term care. Over 35 percent of people currently receiving long term care services are between 18 and 64.3.
Does Medicare Cover Long Term Care Services?
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.
Types of Long Term Care Protection
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.
What’s 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.
Florida Long Term Care Costs
One of the most comprehensive studies on the cost of long term care is conducted annually by Genworth Financial. The Genworth 2019 Cost of Care Survey encompasses long term care costs nationally and surveyed over 15,000 long term care providers in 441 regions. Long term care costs in the State of Florida are important for Floridians to consider. Because, the true cost of long term care is a key factor when choosing how much long term care protection you need.
Florida Long Term Care Rates – 2019 (annual) |
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| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living Facility (private room) | Home Health Aide (44 Hours/week) |
| Florida State Median | $112,639 | $102,565 | $42,000 | $50,336 |
| Cape Coral | $110,960 | $99,645 | $48,000 | $53,768 |
| Crestview Area | $108,405 | $94,900 | $46,350 | $51,480 |
| Deltona | $104,938 | $95,448 | $54,000 | $42,328 |
| Gainseville | $109,500 | $100,375 | $41,550 | $52,624 |
| Homosassa Springs | $116,435 | $106,398 | $40,740 | $50,336 |
| Jacksonville | $114,975 | $105,850 | $51,150 | $52,624 |
| Lakeland Area | $114,245 | $104,755 | $41,970 | $50,336 |
| Miami Area | $135,050 | $115,888 | $39,000 | $45,760 |
| Naples Area | $142,350 | $110,413 | $50,340 | $57,200 |
| North Port Area | $126,655 | $112,055 | $47,100 | $56,056 |
| Ocala | $109,500 | $96,725 | $47,100 | $50,908 |
| Orlando | $104,938 | $95,813 | $51,285 | $50,908 |
| Palm Bay Area | $113,698 | $104,755 | $45,600 | $48,048 |
| Panama City | $116,435 | $101,653 | $55,200 | $53,768 |
| Pensacola | $112,055 | $97,455 | $43,860 | $47,476 |
| Port St. Lucie | $103,113 | $96,725 | $42,000 | $46,904 |
| Punta Gorda | $120,450 | $109,500 | $36,000 | $53,768 |
| Sebastian Area | $111,935 | $104,755 | 40,500 | $54,340 |
| Sebring | $94,900 | $83,950 | $34,035 | $53,768 |
| Tallahassee | $116,800 | $98,550 | $57,300 | $50,222 |
| Tampa Area | $121,947 | $104,208 | $39,000 | $52,052 |
| The Villages | $113,150 | $105,850 | $64,500 | $49,192 |
Long Term Care Insurance Florida Partnership Program
The Long Term Care Insurance Florida Partnership (LTCP) program combines private long term care insurance with special access to Medicaid. This public-private partnership encourages Florida residents to buy long term care insurance. Florida Long Term Care Partnership policy holders can shield a part, or all their wealth, and still qualify for Medicaid if their long term care needs last longer than their private long term care insurance policy benefits.
The private long term care insurance companies are mandated by the Florida Long Term Care Partnership Program to offer specific benefits. This requirement can help take the guesswork out of designing a long term care insurance policy.
These private long term care insurance policies sold in conjunction with the Long Term Care Insurance Florida Partnership Program are commonly referred to as “Partnership policies”. It is Section 6021 of the Deficit Reduction Act of 2005 that allows for Qualified State Long Term Care Partnerships.
Florida Long Term Care Partnership Rates
Long Term Care Insurance Florida Partnership policy rates are about the same as other policies when designed with similar benefits. It’s worth noting that the mandated features of a Long Term Care Insurance Florida Partnership policy can limit flexibility in benefit design. For this reason, it may be beneficial to consider a non-Partnership policy in some situations as a wider range of choices may be available and more suitable to your situation. One of our Florida long term care insurance agents can help you compare these options.
Long Term Care Insurance Florida Reciprocity
The State of Florida is a member of the National Reciprocity Compact for granting of Medicaid asset protection with other states that have Partnership long term care programs. This means, if you purchase a qualifying long term care insurance policy in another state under their Long Term Care Partnership program, you will not lose your asset protection if you move to Florida. The State of Florida will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before moving to Florida.
How Much Does LTC Insurance Cost In Florida?
How much does long term care insurance cost in Florida? The answer: It depends on your age and health history at the time you buy the insurance. Practically 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.
Long Term Care Insurance Companies in Florida
Florida long term care insurance is available from several well respected insurance companies. We compare these companies to find you the best protection at the lowest cost. Here’s a list of the best long term care insurance companies in Florida:
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Request Florida Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990. You’ll get professional, unbiased advice so you can decide if Long Term Care Insurance is right for your situation. We shop all the major long term care insurance companies in Florida and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others. We also provide detailed comparisons to the AARP LTC Insurance offering.
- Benefit comparisons of each company’s policy. This side-by-side comparison covers both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s ratings, size and claims paying experience.
1. 2019 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 06/12/2019
2. Cost of Care Survey 2019 (Genworth.com), site accessed 11/12/2019
3. Family Caregiver Alliance (www.caregiver.org), site accessed 6/12/2019