Long Term Care Insurance Georgia Partnership Cost and Companies
Georgia Long Term Care Planning
Planning ahead for future long term care needs is a key 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 it 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?
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.
Does Medicare Cover Long Term Care?
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 all long term care services. An example of custodial care is when someone needs help with walking, bathing, eating, dressing or 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. Don’t make the mistake of thinking Medicare covers long term care costs. It doesn’t.
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. Our comparisons explain the differences to help you decide which may be best for you.
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 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. Our long term health insurance quotes and comparisons take into account your age, health history, and all applicable health discounts.
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|
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. Long Term Care Insurance Georgia Partnership policies have premiums like Non-Partnership policies when designed with similar benefits. But the required benefits of a Georgia Long Term Care Partnership policy can limit flexibility with benefit design. So 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. One of our licensed professionals can illustrate the differences for you.
Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. Georgia Long Term Care Partnership insurance policies are often referred to as Partnership Policies.
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 majority of states do have reciprocity, but not all states are included in this reciprocity pact.
How Much Does Long Term Care Insurance Cost?
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)
Buying Long Term Care Insurance In Georgia
Georgia long term care insurance and Partnership Policies are available from some great insurance carriers. These companies must meet criteria mandated by the Georgia Department of Insurance. And each company will have a sweet spot based on age related pricing and health underwriting.
Besides traditional long term care insurance, we offer Partnership Policies and hybrid long term care insurance plans. Our licensed professionals maintain long term care specific training and education requirements. Here is a list of long term care insurance companies offering coverage in Georgia:
Compare Long Term Care Insurance Costs and Options
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Compare Georgia’s Long Term Care Insurance Companies, Quotes and Policy Costs. We’ll help you compare the companies and plan options side by side. We also provide detailed comparisons to the AARP LTC insurance offering.
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