Minnesota Long Term Care Insurance Partnership Cost and Companies
Minnesota Long Term Care Insurance Partnership
The Minnesota Long Term Care Partnership is a public/private arrangement between private long term care providers and the State of Minnesota Medical Assistance program. This arrangement combines private long term care insurance with special access to Medical Assistance. The Minnesota Long Term Care Partnership can enable Minnesota residents to protect more of their wealth (assets) while still being able to qualify for Medical Assistance, should their long term care needs extend beyond the amount payable by their private long term care insurance policy.
The long term care insurance providers offering coverage in Minnesota are required by the Minnesota 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 providers in Minnesota, working in conjunction with the Minnesota Long Term Care Partnership program provide long term care policies commonly referred to as “Partnership policies”.
The Need For Long Term Care Services
Consider what percentage of the population will require long term care services. The U.S. Department of Health and Human Services reports that of those people over age 65, about 70 percent require some form of long-term care services during their lifetime. It’s important to note that the need for long term care does not only impact seniors, because 40 percent of the people currently receiving long term care services are between the ages of 18 and 64.
Minnesota Long Term Care Costs
Long term care planning is an important part of financial planning due to the high cost of long term care services. One of the most comprehensive studies on the cost of long term care services is conducted by the Fortune 500 company, Genworth Financial. The 2018 Cost of Care study conducted by Genworth Financial surveyed national long term care costs by more than 15,000 long term care providers across 440 regions.
Regional long term care costs are important for Minnesotans to consider. This is because the local and regional cost of long term care services are key elements when deciding how much long term care coverage to include in your financial plan. There is also an extensive cost of care study done by John Hancock Life Insurance Company. This data source, of Minnesota long term care costs, also includes a Cost of Care Calculator and an estimator for projecting future long term care costs adjusted for inflation.
Minnesota Long Term Care Costs – 2018 (annual) |
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| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
| Minnesota Median | $122,260 | $109,500 | $48,000 | $66,352 |
| Duluth | $119,446 | $108,131 | $51,000 | $57,200 |
| Mankato Area | $130,031 | $120,560 | $52,710 | $65,208 |
| Minneapolis Area | $121,457 | $101,897 | $53,100 | $69,784 |
| Rochester | $116,391 | $109,500 | $45,240 | $59,488 |
| St. Cloud | $139,817 | $123,027 | $44,595 | $70,928 |
| Rest of State | $118,322 | $106,792 | $46,572 | $59,488 |
Long Term Care Insurance Minnesota Reciprocity
Consumers purchasing a qualifying long term care partnership policy in another State, under their Long Term Care Partnership program, will not lose their asset protection if they move to Minnesota. The State of Minnesota will also recognize any accumulated asset protection for Medicaid qualification if the individual is already receiving benefits under their Long Term Care Partnership policy before moving to Minnesota. The following is a good resource on long term care partnership programs in Minnesota and other states.
Long Term Care Insurance Minnesota Rates
A Minnesota Long Term Care Partnership policy costs about the same as other policies when designed with similar benefits. However, it’s worth noting that the mandated features of a Minnesota Long Term Care Partnership policy may limit flexibility in benefit design. Because of this, consumers may benefit by also considering non-Partnership long term care insurance protection because a wider range of choices may be available and perhaps more suitable to a particular situation. An agent specializing in long term care insurance can explain these options to you.
How Much Does LTC Insurance Cost In Minnesota?
How much does long term care insurance cost in Minnesota? The answer: It depends on 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 Companies in Minnesota
Minnesota 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. Here is a list of long term care insurance companies offering coverage in Minnesota:
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Get Minnesota Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990. We’ll give you professional, unbiased advice to help you determine if Long Term Care Insurance is right for your situation. And there is no need to have an insurance agent come to your home. When you request information, we shop all the major long term care insurance companies in Minnesota and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, LifeSecure, Transamerica, Mutual of Omaha, Lincoln Financial 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 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.