Long Term Care Insurance Ohio Partnership Rates & Companies
Long Term Care Insurance Ohio Partnership
The Long Term Care Insurance Ohio 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”.
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. But the need for long term care does not only affect seniors. Forty percent of people currently receiving long term care services are ages 18 to 64. Long term care insurance planning is critical to a financial plan. Critical because traditional health insurance and Medicare do not pay for most long term care services.
To buy long term care insurance, individuals must be enjoying good health. This health qualification requirement makes it very important to plan ahead. In general terms, this means buying long term care insurance when you’re in good health and between the ages of 50 and 70. It’s available at older ages, but the odds of qualifying health wise go down dramatically at older ages.
Ohio Long Term Care Costs
A comprehensive study on the cost of long term care is from Genworth Financial. The Genworth 2017 Cost of Care Survey looks at long term care costs by region and surveyed over 15,000 long term care providers. Ohio long term care costs are important to know because the local cost of care tells you how much long term care protection to include in your financial plan.
Ohio Long Term Care Costs – 2017 (Annual)
|Region||Nursing Home (private room)||Nursing Home
|Assisted Living Facility
|Home Health Aide (44 hours/wk)|
|Rest of State||$89,243||$78,475||$50,934||$48,048|
Long Term Care Insurance Ohio Partnership 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. The following link will take you to a good resource on the Long Term Care Insurance Ohio Partnership Program and reciprocity with Partnership Programs in other states.
Ohio Long Term Care Insurance Costs
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. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Long Term Care Insurance Ohio Partnership rates are like other policies when designed the same. But the required features of a Long Term Care Insurance Ohio Partnership policy may limit flexibility with benefit design. So it may be beneficial to consider a non-Partnership policy in some situations. Because a wider range of benefit choices may be more suitable to a particular situation. One of our Ohio long term care insurance agents can compare the differences for you.
How To Buy Ohio Long Term Care Insurance
Long Term Care Insurance Ohio Partnership policies are sold by several insurance companies. Insurance agents representing Long Term Care Insurance Ohio Partnership policies must have special training required by the State of Ohio. The best way to get information about this protection is from an agent specializing in long term care insurance. We also recommend working with an agent who represents several top-rated companies. Here is a list of some of the major insurance companies we represent:
Request Ohio Long Term Care Insurance Quotes
We’ve specialized in Long Term Care planning solutions since 1990. Our agents give you professional, unbiased advice so you can decide if Long Term Care Insurance is right for you. We shop all major long term care insurance companies in Ohio and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- 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.