Long Term Care Insurance Ohio Partnership Rates & Companies
Ohio 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.
A long term care plan can protect your retirement assets from nursing home and home health care expenses. 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. Long term care insurance 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?
Studies from the U.S. Department of Health and Human Services indicate about 70 percent of people over age 65 will need some type of long-term care during their lifetime. This care may be home health care, nursing home care or assisted living care.
And it’s not just seniors who require long term care. Currently 40 percent of all people receiving long term care services are between 18 and 64.
Does Medicare Cover Long Term Care?
Medicare is the federal health insurance program for people over 65 and for some younger people with disabilities. But Medicare does not pay for most long term care services. Specifically, 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 their walking, bathing, eating, dressing or using the toilet.
Custodial care is also 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.
Types of Long Term Care Insurance
There are two types of protection for long term care needs:
- Traditional Long Term Care Insurance.
- Hybrid Long Term Care Insurance. This includes long term care annuities and long term care life insurance.
Each type has its specific advantages. Our comparisons explain the differences to help you decide which may be best for you.
The Best Age 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. Our long term health insurance quotes and comparisons consider your age, health history, and all applicable discounts.
Ohio Long Term Care Costs
Knowing Ohio long term care costs is an important step in your long term care planning. Because, regional and local cost of care indicates how much long term care coverage to include in your financial plan.
A comprehensive study on the cost of long term care is from Genworth Financial. The Genworth 2018 Cost of Care Survey looks at long term care costs by region and surveyed over 15,000 long term care providers. Here is the average cost of Ohio nursing homes, assisted living and home health care.
Ohio Long Term Care Costs – 2018 (Annual)
|Region||Nursing Home (private room)||Nursing Home
|Assisted Living Facility
|Home Health Aide (44 hours/wk)|
|Rest of Ohio||$90,155||$77,563||$48,600||$45,760|
Ohio Long Term Care Insurance Partnership Program
The Ohio Long Term Care Partnership Program combines private LTC insurance with special access to Medicaid. The Ohio Partnership allows policy holders to shield all or a part of their assets while still qualifying for Medicaid. This special asset protection works if your long term care needs are more than the amount payable by your long term care insurance.
Private long term care insurance companies are required by the Long Term Care Insurance Ohio Partnership to offer specific levels of benefits. This rule can help take the guesswork out of designing your Ohio long term care insurance Partnership policy. It is section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The private long term care insurance policies sold under the Long Term Care Insurance Ohio Partnership are known as Partnership Policies.
Ohio Long Term Care Partnership Program Reciprocity
The State of Ohio is a member of the National Reciprocity Compact. This allows for Medicaid asset protection with other states who have Partnership long term care programs. If you buy a Partnership long term care insurance policy in another State you will not lose your asset protection by moving to Ohio. The State of Ohio will also recognize accumulated asset protection for Medicaid qualification if you’re already getting LTC benefits from your Partnership policy before moving to Ohio.
Ohio LTC Partnership Program Rates
Ohio Long Term Care Partnership Program rates are like other policies when designed with similar benefits. But the required features of a Long Term Care Insurance Ohio Partnership policy may limit flexibility with benefit design. So we recommend comparing to a non-Partnership policy because a wider range of options may be more suitable to your situation. One of our Ohio long term care insurance agents can compare and explain the differences.
Long Term Care Insurance Rates Ohio
Question: How much does long term care insurance cost in Ohio?
Answer: It depends on your age and health history at the time you buy the insurance. Typically the younger and healthier you are the lower the cost. 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 (if chosen)
Complete the form on this page to request long term care insurance quotes and comparisons specific to your situation.
How To Choose The Best LTC Insurance Company
Ohio long term care insurance and Partnership Policies are available from several well respected insurance companies. These companies must adhere to the State of Ohio Department of Insurance regulations. Each company typically has a sweet spot in pricing based upon age, health history and benefits selected. This is where side by side comparisons are very useful.
We’re here to help you select the best long term care insurance company for your needs. We offer traditional long term care insurance, Partnership Policies and hybrid long term care insurance plans. And our licensed professionals maintain long term care specific training and education requirements.
Here is a list of long term care insurance companies in Ohio:
Compare Long Term Care Insurance Costs and Options
Our 25 years of LTC planning experience will save you time and money!
One Stop Shopping
Compare Ohio Long Term Care Insurance Companies, Quotes and Policy Costs. We’ll help you compare the companies and plan options side by side. We also provide detailed comparisons to the USAA and AARP LTC insurance offerings.
Compare With an Independent Agent
We impartially shop the market of top-rated insurance companies and help you find not only the best rate, but the best company. We’ll supply you with rates, ratings, and reviews of the companies that sell these types of policies.