Long Term Care Insurance New Jersey Partnership Cost and Companies
Long Term Care Insurance New Jersey Partnership
The goal of the New Jersey Long Term Care Insurance Partnership Program is to help New Jersey residents prepare for the possibility of needing nursing home care, assisted living care or home care. The Long Term Care Insurance New Jersey Partnership Program (“Partnership Program”) operates under the New Jersey Department of Human Services. The Partnership Program combines private long term care insurance with special rules for Medicaid eligibility. These special rules generally allow the insured to protect assets equal to the insurance benefits received from a Partnership Policy, so that the assets are not taken into account in determining financial eligibility for Medicaid. This means the assets would not be subject to Medicaid liens and recoveries.
The Long Term Care Insurance New Jersey Partnership requires long term care insurance companies offering these policies to provide specific benefits. This rule applies primarily to inflation protection, is age related, and may help simplify 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 companies conducting business in New Jersey, in conjunction with the Long-Term Care Insurance New Jersey Partnership Program, provide long term care insurance policies known as “Partnership” policies.
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.
New Jersey Long Term Care Costs
Genworth Long Term Care 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 New Jersey long term care costs by region. It provides the option to adjust long term care costs for inflation based on past indicators.
New Jersey long term care costs are important to factor into your long term care planning. The cost of long term care is a main indicator in choosing how much long term care insurance to include in your retirement plan.
New Jersey 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)|
|New Jersey Median||$142,350||$127,750||$72,780||$54,912|
|Atlantic City Area||$114,063||$104,938||$61,200||$53,768|
New Jersey Long Term Care Insurance Rates
A Long Term Care Insurance New Jersey Partnership policy will have premiums like Non-Partnership policies, when designed with similar benefits. But the required inflation protection of a Long Term Care Insurance New Jersey Partnership policy may limit flexibility in benefit design. So, considering Non-Partnership LTC insurance may provide a wider range of choices. This wider range of options may provide more affordable long term care insurance. A long term care insurance agent can illustrate these options for you.
Long Term Care Insurance New Jersey Reciprocity
Reciprocity allows you to buy a qualifying Partnership LTC policy in another state and keep the unique asset protection features if you move to New Jersey. The State of New Jersey will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before moving to New Jersey. The following is a good resource on the Long Term Care Insurance New Jersey Partnership and how it reciprocates with other states.
How Much Does LTC Insurance Cost In New Jersey?
How much does long term care insurance cost in New Jersey? 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.
New Jersey Long Term Care Insurance Companies
Long Term Care Insurance New Jersey Partnership policies are sold by several insurance companies. Long term care insurance agents representing LTC Partnership policies must maintain a special certificate of training as required by the State of New Jersey. Here is a list of some long term care insurance companies offering LTC insurance policies in New Jersey:
Request New Jersey Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care Insurance options since 1990. We give unbiased information to help you decide if Long Term Care Insurance is right for you. We shop all the major long term care insurance companies in New Jersey and give you:
- Price comparisons customized for your specific needs from well respected long term care providers like Mutual of Omaha, John Hancock, Transamerica 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 covers both the similarities and differences of each LTC policy.
- Financial stability reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.