Long Term Care Insurance Maryland Partnership Cost and Companies
Long Term Care Insurance Maryland Partnership Program
The Long Term Care Insurance Maryland Partnership is a joint effort between Maryland and private long term care insurance companies. A Long Term Care Insurance Maryland Partnership policy must meet the same standards as a policy not sold under the program. A partnership policy must also meet certain federal and state requirements, and be certified as a “long-term care partnership policy” by the Maryland Insurance Administration.
Partnership policies provide an extra level of protection, when compared to a regular long-term care insurance policy. Because, LTC Partnership policies allow individuals to protect assets from spend-down requirements under Maryland’s Medicaid program if assistance from this program is ever required.
There are a number of long term care insurance companies offering LTC protection in Maryland. The Long Term Care Insurance Maryland Partnership requires these companies offer certain policy benefits. This rule may help simplify the selection of benefits to include in your long term care insurance policy. Long term care insurance policies sold under the Long Term Care Insurance Maryland Partnership Program are known as “Partnership Policies”.
How Many People Need Long Term Care?
Reports from The U.S. Department of Health and Human Services say about seventy percent of people over age 65 will need long term care during their lifetime. But those needing long term care services are not only seniors. There are now forty percent of people currently needing long term care that are between 18 and 64. Long term care insurance planning is critical to a solid financial plan. Critical because traditional health insurance and Medicare do not pay for most long term care services.
To purchase long term care insurance you need to be enjoying relatively good health. And the requirement to health qualification makes it important to plan ahead. In general terms, this means acquiring long term care insurance when you’re in your 50’s and enjoying good health.
Maryland Long Term Care Costs
Marylanders should be familiar with long term care costs when planning for future long term care needs. Maryland’s current cost of care and future cost estimates indicate how much long term care protection to include in your retirement plan.
A major study on national long term care costs is from LifePlans, Inc. for John Hancock Life Insurance Company. The most recent version of this Cost of Care Study surveyed over sixteen thousand long term care providers across the nation. For planning purposes, John Hancock Life Insurance Company provides a Cost of Care Calculator. The calculator adjusts long term care costs for inflation, allowing you to estimate future long term care costs in Maryland. John Hancock Life Insurance Company is one of the largest life insurers in the United States.
Another study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. The Genworth Financial 2018 Cost of Care Survey provides long term care costs of more than 15,000 long term care providers.
Maryland 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)|
|Maryland State Median||$116,070||$110,778||$56,070||$50,908|
|Rest of State||$105,120||$89,243||$62,820||$54,912|
Long Term Care Insurance Maryland Reciprocity
Let’s look at the situation where someone buys a Long Term Care Partnership policy in another State and then later moves to Maryland. Reciprocity means they will not lose the special asset protection when moving to Maryland. Maryland would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their Long Term Care Partnership policy before relocating.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Maryland? The answer: Long term care insurance rates in Maryland depend on your age and health history at the time you buy the insurance. Generally speaking, the younger and healthier you are the lower the cost. Your long term care insurance 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 Maryland Rates
Long Term Care Insurance Maryland Partnership rates are about the same as other LTC insurance policies. Note that there is mandatory inflation protection for some ages. This mandatory feature of Long Term Care Insurance Maryland Partnership policies could limit your options when selecting policy benefits. Thus consumers should compare Maryland LTC Partnership policies with non-Partnership policies. We recommend working with an agent specializing in Long Term Care Insurance to best understand the differences.
How to Buy Maryland Long Term Care Insurance
Long Term Care Insurance Maryland Partnership policies are offered by several LTC insurance providers. Insurance agents representing LTC Partnership policies must maintain special training. Here is a list of some long term care insurance companies in Maryland:
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