Long Term Care Insurance Ohio Partnership Rates & Companies
Ohio Long Term Care Insurance Review
This Ohio Long Term Care Insurance Review covers long term care planning in the state of Ohio. Here are the primary points discussed in this article:
- The risk of needing long term care
- The cost of long term care in Ohio
- Types of long term care insurance
- What’s the best age to buy long term care insurance
- The Ohio Long Term Care Partnership Program
- How much does long term care insurance cost in Ohio
- Long term care insurance companies in Ohio
- Comparing Ohio long term care insurance quotes
Click To Get Ohio Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in Ohio.
Ohio Long Term Care Planning
Planning ahead for future long term care needs is a key part of retirement planning. Many Ohio residents have had 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 costs. 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.
What is The Risk of Needing of Long Term Care?
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 Ohio, the average cost for 3 years of long term care is $284,700 ($94,900 per year) at 2018 rates. That cost is projected to be $514,200 ($171,400 per year) in 2038.2.
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 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.
Ohio Long Term Care Insurance Options
There are two types of insurance in Ohio 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 LTC 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 annuity value, often several times over, offering tremendous leverage of premium dollars.
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.
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 you need.
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 current cost of long term care in Ohio:
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 Partnership Program
The Ohio Long Term Care Partnership joins private LTC insurance with special access to Medicaid. This program 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. Policies sold under the Ohio Long Term Care Partnership Program are often called Partnership Policies.
The long term care insurance companies must offer specific benefits, per the Ohio Long Term Care Partnership. And this rule can help simplify choosing your policy benefits. It is section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships.
Ohio LTC Partnership Program Rates
Ohio Long Term Care Insurance Partnership rates are like other LTC policies when designed with similar benefits. But some required features of Ohio LTC Partnership policies can limit flexibility with benefit design. And in some cases this increases the cost of insurance. So we recommend comparing to non-Partnership LTC insurance to compare a wider range of options. One of our Ohio long term care insurance agents can compare and explain the differences.
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.
How Much Does LTC Insurance Cost In Ohio?
How much does long term care insurance cost in Ohio? The 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. Long term care insurance rates in Ohio also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Long Term Care Insurance Companies in Ohio
Ohio 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 Ohio:
Compare Long Term Care Insurance Rates 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 AARP LTC insurance offering.
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.
1. 2019 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 06/12/2019
2. Cost of Care Survey 2018 (Genworth.com), site accessed 6/12/2019
3. Family Caregiver Alliance (www.caregiver.org), site accessed 6/12/2019