Long Term Care Insurance Georgia Partnership Cost and Companies
Georgia Long Term Care Insurance Partnership Program
The Long Term Care Insurance Georgia Partnership (Partnership) is a special Department of Community Health program combining private long term care insurance with Medicaid asset protection. The Georgia LTC Partnership helps Georgians prepare for the possibility of needing nursing home care, assisted living care or home care. The Long Term Care Insurance Georgia Partnership allows those with a Partnership insurance policy to keep all or part of their assets under the Medicaid program, if their long term care needs last longer than the benefits of their insurance policy.
The Long Term Care Insurance Georgia Partnership requires long term care insurance companies offering Partnership LTC policies in Georgia to offer specific benefits. This rule can help simplify choosing your long term care insurance coverage. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The private long term care insurance providers offering this coverage in Georgia, in conjunction with the Georgia Long Term Care Partnership, provide long term care insurance policies known as “Partnership policies”.
Who Needs Long Term Care?
According to the United States Department of Health and Human Services, about 70 percent of people over age 65 will need long term care services during their lifetime. The need for long term care impacts younger people too, as 40 percent of people currently receiving long term care are between 18 and 64.
And the risk of needing long term care services goes up as we age. Further, women are at greater risk of needing care because they outlive men by five years on average.
Georgia Long Term Care Costs
Genworth Long Term Care Insurance conducts a national study on the cost of long term care services. The Genworth Financial 2018 Cost of Care Survey included over 15,000 long term care providers in more than 440 regions. Another extensive study is from John Hancock Life Insurance Company. The John Hancock Cost of Care Calculator examines Georgia long term care costs by region. It provides the option to adjust long term care costs for inflation based on past indicators.
Georgia long term care costs are important to factor into your long term care planning. The cost of long term care if a prime indicator in choosing how much long term care insurance to include in your retirement plan.
Georgia 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)|
|Rest of Georgia||$76,194||$70,993||$30,240||$41,184|
How Much Does Long Term Care Insurance Cost?
A Long Term Care Insurance Georgia Partnership policy will have premiums like Non-Partnership policies, when designed with similar benefits. But the required benefits of a Georgia Long Term Care Partnership policy may limit flexibility with benefit design. It’s smart to also consider Non-Partnership LTC insurance policies as they may provide a wider range of benefit options. This wider range of options may provide more affordable long term care insurance. A long term care insurance agent can illustrate these options for you.
Long term care insurance rates in Georgia will depend upon your age and health history at the time you buy insurance. In general, the younger and healthier you are the lower the premium. The cost 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.
Long Term Care Insurance Georgia Reciprocity
Reciprocity allows you to buy a qualifying Long Term Care Partnership insurance policy in another state and maintain its unique asset protection if you move to Georgia. The State of Georgia will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Long Term Care Partnership insurance policy before moving to Georgia. The following is a good resource on the Long Term Care Insurance Georgia Partnership and Partnership programs in other states.
How To Buy Georgia Long Term Care Insurance
Georgia Long Term Care Insurance Partnership policies are sold by several long term care insurance companies. Long Term Care Insurance Agents representing Georgia LTC Partnership policies must complete and maintain special training as required by the State of Georgia. Here is a list of some long term care insurance companies offering LTC insurance in Georgia:
Request Georgia Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care Insurance planning since 1990. We give unbiased information to help you decide if Long Term Care Insurance is right for you. We shop all the major long term care insurance providers in Georgia and provide you with:
- Price comparisons customized for your specific needs from well respected long term care providers 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 LTC policy.
- Financial stability reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.