Long Term Care Insurance Idaho Partnership Program Review
Long Term Care Insurance Idaho Partnership
The Long Term Care (LTC) Insurance Idaho Partnership program is a special program combining private long term care insurance coverage with special access to Medicaid. The Long Term Care Partnership program allows Idaho residents to shield a portion or all of their wealth (assets) and still be able to qualify for Medicaid if their long term care needs extend beyond what is payable by their private long term care insurance policy.
The private long term care insurance Idaho companies are mandated by the Idaho Long Term Care Partnership to offer specific benefits. These requirements can help take the guesswork out of 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 Idaho companies in conjunction with the Idaho Long Term Care Partnership program provide long term care policies that are commonly referred to as “Partnership policies”.
Who Needs Long Term Care Services?
According to the U.S. Department of Health and Human Services, about 70 percent of people over age 65 will need some type of long-term care services during their lifetime. However, the need for long term care does not only impact seniors as 40 percent of people currently receiving long term care services are ages 18 to 64.
Long Term Care Costs Idaho
One of the most comprehensive studies on the cost of long term care is conducted by LifePlans, Inc. for John Hancock Life Insurance Company. The 2017 Cost of Care Study surveyed more than 16,000 long term care providers across the United States. As a resident of Idaho, long term care costs are a critical piece of information when planning for future long term care needs.
Idaho long term care costs will tell you with reasonable certainty how much long term care coverage should be included in your financial plan. The John Hancock Cost of Care Calculator includes an estimator for future long term care costs adjusted for inflation so you can better pinpoint future long term care costs in Idaho. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest life insurers in the United States.
Idaho Long Term Care Costs – 2017 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Idaho Median Cost||$94,918||$88,695||$37,800||$49,192|
|Rest of State||$94,170||$89,425||$33,900||$50,336|
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Idaho? The answer: It depends upon your age and health history at the time you buy the insurance. Generally speaking, the younger and healthier you are the lower your premium. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Long Term Care Insurance Idaho Rates
A Long Term Care Insurance Idaho Partnership policy costs about the same as non-Partnership policies when designed with similar benefits. Before April of 2016, the mandated inflation protection features of an Idaho Long Term Care Partnership policy limited flexibility in benefit design. The Idaho State Legislature passed amendments in April 2016 to remove these inflation rider restrictions which put Idaho Long Term Care Partnership policies on a level playing field with standard long term care insurance policies. An agent specializing in long term care insurance can explain these options to you.
Long Term Care Insurance Idaho Reciprocity
If you purchase a qualifying long term care insurance partnership policy in another State under their Long Term Care Partnership program, you will not lose your asset protection should you move to Idaho. The State of Idaho 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 Idaho.
Purchasing Long Term Care Insurance In Idaho
Long Term Care Insurance Idaho Partnership policies are offered by a number of long term care insurance companies. Agents representing Partnership policies offered by these companies must have a special certificate of training that is required by the State of Idaho. The following insurance providers currently offer Long Term Care Insurance Idaho Partnership policies:
Get Idaho Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990. Our goal is to provide you with professional, unbiased advice so you can decide if Long Term Care Insurance is right for you. We shop all the major long term care insurance companies in Idaho and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and other top providers. We also provide detailed comparison to the AARP Long Term Care Program.
- 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.