Long Term Care Insurance Idaho Partnership Cost and Companies
Idaho 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.
Long term care insurance 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. A long term care plan 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 Insurance
Someone turning age 65 today has about a 70 percent chance of needing some type of long term care during their lifetime. While one-third may never need long term care, 20 percent will need it for longer than 5 years. The average length of time people need long term care services is 3 years.1.
In Idaho, the average cost for 3 years of long term care is $328,500 ($109,500 per year) at 2021 rates. That cost is projected to be $593,307 ($197,769 per year) in 2041.2.
And it’s not only seniors that need long term care. Over 35 percent of people currently receiving long term care services are between 18 and 64.3.
Does Medicare Cover Long Term Care?
Medicare is the federal health insurance program for those over 65 and some younger people with disabilities. 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 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.
When 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.
Long Term Care Insurance Options in Idaho
There are two types of insurance in Idaho that pay for long term care costs. And each type of policy has its specific advantages. One of our licensed professionals can provide more details to help you decide which is best for you.
Traditional Long Term Care Insurance – You pay an annual premium, and if you need long term care due to a cognitive or physical impairment, the policy pays for your care. Traditional LTC insurance policies make up about half of all long term care policies sold.
Hybrid Long Term Care Insurance – Hybrid long term care policies combine the benefits of life insurance, or an annuity, with long term care benefits. You can buy a hybrid long term care insurance policy by paying a one-time lump sum premium, or over a set period of time.
If long term care is never needed, the policy works much like a traditional life insurance policy. It would then pay a death benefit to your beneficiary when you die. And the death benefit is often similar to the amount paid for the policy. But if you need long-term care, the amount of money available can exceed the death benefit or long term care annuity value, often several times over, offering tremendous leverage of premium dollars.
Long Term Care Costs in Idaho
Knowing long term care costs in Idaho is important to your long term care planning. Because, your local long term care costs are key in deciding how much long term care protection you need.
One of the most comprehensive studies on the cost of long term care is conducted by Carescout® for Genworth Financial. Their 2021 cost of long term care survey included more than 15,000 long term care providers across the United States. Here are current long term care costs in Idaho:
Idaho Long Term Care Costs – 2021 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
Idaho Long Term Care Insurance Partnership Program
The Idaho Long Term Care Insurance Partnership program is a special program combining private long term care insurance coverage with special access to Medicaid. The Idaho Long Term Care Insurance Partnership program helps Idaho residents prepare for the possibility of needing nursing home care, assisted living care or home care.
An Idaho Long Term Care Insurance Partnership Program policy allows you to keep all, or part of your assets under the Medicaid program, if your long term care needs last longer than the benefits of your Partnership policy.
Hybrid Long-Term Care Insurance options are not available under the Idaho Long-Term Care Insurance Partnership. Your LTC Specialist will explain the differences to help you decide which is best for your situation.
Idaho Long Term Care Partnership Reciprocity
Reciprocity refers to someone who buys a Partnership Policy in another state and later moves to Idaho. If you purchase a qualifying long term care insurance partnership policy in another State, you will not lose your special asset protection by moving 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.
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 (a deductible in days)
- Inflation Protection (optional)
Long Term Care Insurance Companies in Idaho
Idaho long term care insurance is available from several well respected insurance companies. We compare these companies to find you the best protection at the lowest cost. Listed below are the best long term care insurance companies in Idaho:
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1. 2022 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 02/22/2022
2. Cost of Care Survey 2021 (Genworth.com), site accessed 02/22/2022
3. Family Caregiver Alliance (www.caregiver.org), site accessed 02/22/2022