Long Term Care Insurance Florida Partnership Companies and Cost
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 which can help take the guesswork out of designing a long term care insurance policy. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The 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”.
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 an important part of financial planning because traditional health insurance and Medicare do not pay for most long term care services.
To purchase long term care insurance protection, you must be enjoying relatively good health. This health qualification requirement makes critical to plan ahead. In general terms, this means buying long term care insurance when you’re somewhere between age 50 and 70 and in good health.
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 2017 Cost of Care Survey encompasses long term care costs nationally and surveyed over 15,000 long term care providers in 440 regions. Long term care costs in the State of Florida are important for Florida residents to consider as the actual cost of long term care is a key factor when deciding how much long term care protection to acquire.
Florida Long Term Care Rates – 2017 (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 |
$106,580 | $94,900 | $37,200 | $45,760 |
| Cape Coral | $99,280 | $94,900 | $42,000 | $49,192 |
| Crestview Area | $100,375 | $88,695 | $51,840 | $49,192 |
| Deltona | $101,105 | $91,615 | $39,000 | $50,336 |
| Gainseville | $109,500 | $100,375 | $43,704 | $45,760 |
| Homosassa Springs | $105,485 | $96,360 | $35,700 | $43,472 |
| Jacksonville | $116,070 | $103,660 | $43,500 | $50,336 |
| Lakeland Area | $104,390 | $95,265 | $25,200 | $48,048 |
| Miami Area | $116,800 | $100,375 | $36,000 | $39,468 |
| Naples Area | $136,875 | $115,585 | $53,688 | $49,192 |
| North Port Area | $108,040 | $96,725 | $42,450 | $52,624 |
| Ocala | $107,675 | $89,425 | $36,006 | $45,646 |
| Orlando | $114,245 | $96,725 | $40,050 | $45,760 |
| Palm Bay | $100,375 | $95,265 | $40,740 | $42,328 |
| Panama City | $113,150 | $91,250 | $51,000 | $45,760 |
| Pensacola | $96,908 | $89,790 | $45,480 | $48,048 |
| Port St. Lucie | $103,660 | $90,338 | $46,425 | $41,756 |
| Punta Gorda | $109,865 | $100,499 | $34,500 | $50,222 |
| Sebastian Area | $101,835 | $94,900 | 40,800 | $48,048 |
| Sebring | $93,309 | $81,632 | $32,850 | $37,752 |
| Tallahassee | $109,500 | $89,425 | $48,000 | $44,570 |
| Tampa Area | $116,253 | $98,185 | $36,000 | $48,048 |
| The Villages | $100,010 | $92,710 | $54,900 | $47,201 |
| Rest of Florida | $92,163 | $86,323 | $33,80 | $45,760 |
Long Term Care Insurance Rates Florida
A 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 a particular situation. An agent specializing in long term care insurance in Florida can advise you in this regard.
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. 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 you move to Florida. The following link will take you to a good resource on reciprocity of Long Term Care Partnership Programs in Florida and other states.
How To Buy Florida Long Term Care Insurance
Long Term Care Insurance Florida Partnership policies are offered by a number of insurance companies. Agents representing Long Term Care Insurance Florida Partnership policies must have a special certificate of training required by the State of Florida. We represent all major long term care insurance companies:
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Request Florida Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990 and will give you professional and 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.
- Benefit comparisons of each company’s policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s ratings, size and claims experience.