Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is 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.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
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.
Find out if your current health conditions will make it hard to qualify >
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in Florida. Another option is Short-Term Care, which is most often chosen because of health or age limitations.
Florida Long-Term Care Partnership Program policies are available. This program joins private long-term care insurance with special access to Medicaid. The goal of the Florida Long-Term Care Partnership is to encourage you to protect yourself from the possibility of needing Nursing Home Care, Assisted Living Care or Home Care.
Special asset protection benefits of a Florida Long-Term Care Partnership policy allow you to keep all, or part of your assets under the Florida Medicaid program. This applies if your long-term care needs last longer than the benefits of your Partnership policy.
The cost of Florida Long-Term Care Partnership policies is like regular policies. But we still recommend you compare Florida Long-Term Care Insurance Partnership policies with non-partnership policies. Doing so may reveal other options better suited to your needs. This includes hybrid long-term care insurance policies not available under the Florida Long-Term Care Partnership Program.
The term reciprocity applies if you buy a qualifying Long-Term Care Partnership policy in another state and later move to Florida. Reciprocity allows you to keep the special asset protection when you move to Florida. The State of Florida would also recognize accumulated asset protection for Medicaid qualification if you’re receiving benefits from your Partnership policy before moving to Florida.
Your Florida long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
Florida Long-Term Care Rates – 2022 (annual) | ||||
Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living Facility (private room) | Home Health Aide (44 Hours/week) |
Florida State Median | $115,523 | $103,843 | $48,000 | $57,200 |
Cape Coral Area | $120,633 | $110,230 | $52,005 | $62,348 |
Crestview Area | $108,405 | $94,900 | $59,082 | $60,632 |
Deltona Area | $108,588 | $98,550 | $47,700 | $54,912 |
Gainesville | $107,675 | $98,550 | $28,200 | $54,912 |
Homosassa Springs | $114,975 | $105,120 | $51,000 | $54,706 |
Jacksonville | $106,580 | $98,550 | $55,920 | $57,200 |
Lakeland Area | $116,435 | $104,938 | $39,600 | $53,768 |
Miami Area | $130,849 | $108,223 | $52,620 | $52,624 |
Naples Area | $178,850 | $111,325 | $63,600 | $66,924 |
North Port Area | $127,385 | $113,880 | $49,740 | $68,640 |
Ocala | $109,500 | $94,900 | $46,200 | $57,200 |
Orlando | $121,910 | $96,725 | $48,000 | $57,200 |
Palm Bay Area | $127,203 | $116,253 | $53,532 | $57,200 |
Panama City | $105,850 | $103,551 | $60,966 | $57,200 |
Pensacola | $117,165 | $105,120 | $51,870 | $57,200 |
Port St. Lucie | $107,310 | $97,970 | $45,150 | $57,200 |
Punta Gorda | $123,735 | $110,230 | $40,200 | $59,488 |
Sebastian Area | $116,161 | $100,010 | $40,200 | $61,204 |
Sebring Area | $96,725 | $87,600 | $41,235 | $57,200 |
Tallahassee | $118,625 | $109,135 | $55,800 | $57,772 |
Tampa Area | $118,625 | $107,128 | $40,200 | $58,344 |
The Villages | $98,973 | $104,025 | $62,490 | $68,640 |
Florida long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Florida:
Our Florida LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
Long-term care is the assistance needed when a person is unable to manage their own personal care needs or when they need help with daily activities (walking, bathing, continence, dressing, eating, toileting and transferring). This type of care is known as Custodial Care and is not covered by Medicare.
For most people, long-term care insurance is affordable. However, several factors impact the cost of a policy, including your age, health, and policy design. The typical annual premium is much less than paying for one month of long-term care services out of your pocket.
Your health status and age determines your eligibility for long-term care insurance. But even people with significant health conditions may still qualify. Conditions like Alzheimer’s, Parkinson’s, or currently needing care could disqualify you. Short-term care insurance may be a good option for those at older ages or with certain health issues.
There are many plan options and highly rated carriers available. The best plan is from a highly rated insurance company with the right set of benefits for your needs.
Your best source is from a Long-Term Care Advisor with substantial experience in LTC insurance underwriting, policy design, and claims. A licensed professional who represents several companies can find you the best coverage at the best value.
Some people turn to their financial advisor for long-term health care planning, but this is not their core competency. Many only work with one or two companies and have limited experience with the features and benefits of these products. Also, most have never filed a long-term care claim and don’t understand the process. As a result, many financial advisors partner with us to ensure their clients get the best service.