Long Term Care Insurance Oregon Partnership Companies & Cost
Oregon Long Term Care Insurance Partnership
The Long Term Care Insurance Oregon Partnership is a special program. It combines private long term care insurance coverage with special access to Medicaid. The Oregon Long Term Care Insurance Partnership Program allows Oregonians to protect all, or a portion or all of their assets, and still qualify for Medicaid. This feature works if their long term care needs last longer than their long term care insurance benefits. The long term care insurance companies must offer specific benefits, as required by the Long Term Care Insurance Oregon Partnership Program. This rule 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 long term care insurance companies offering coverage in Oregon, in cooperation with the Oregon Long Term Care Partnership program provide LTCi policies known as “Partnership policies”.
The purpose of the Oregon Long-Term Care Insurance Partnership is to encourage people to plan ahead for how they will pay for future long term care needs. These Partnership LTCi Policies provide an extra level of protection, when compared to a regular long term care insurance policy. In particular, such policies permit individuals to protect assets from spend-down requirements under Oregon’s Medicaid program if help under this program is ever needed.
There are several long term care insurance companies offering LTC insurance in Oregon. The Oregon Long-Term Care Insurance Partnership requires these companies offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy. Long term care insurance policies sold under the Long-Term Care Insurance Oregon Partnership are known as “Partnership Policies”.
Who Needs Long Term Care Services?
The U.S. Department of Health and Human Services says about seventy percent of people over age 65 will need long term care during their lifetime. But the need for long term care services is not limited to seniors. There are now forty percent of people currently receiving long term care that are between the ages of 18 and 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. And this health qualification aspect makes it important to plan ahead. In general term, this means buying long term care insurance when you’re somewhere between age 50 and 70 and enjoying good health.
Oregon Long Term Care Costs
One of the most comprehensive studies on the cost of long term care is from Genworth Financial. The Genworth Financial 2017 Cost of Care Survey surveyed over 15,000 long term care providers in 440 regions. It’s important for Oregonians to know long term care costs. The cost of long term care in Oregon is key to deciding how much LTC insurance to include in your retirement plan.
According to the U.S. Department of Health and Human Services, about 70 percent of people over age 65 will need some type of long-term care services during their lifetime. Yet, the need for long term care does not only impact seniors as 40 percent of people currently receiving long term care services are ages 18 to 64.
Oregon Long Term Care Costs (annual) – 2017
|Home Health Aide (44 Hrs/wk)|
|Rest of Oregon||$110,778||$104,770||$47,400||$53,768|
Oregon Long Term Care Partnership Reciprocity
If you buy a long term care insurance partnership policy in another State you will not lose your asset protection if you move to Oregon. Oregon will recognize accumulated asset protection if you’re already receiving benefits under your Partnership long term care policy before moving to Oregon. Here is a good resource on the Oregon Long Term Care Insurance Partnership Program and other states LTC Partnership Programs.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Oregon? The answer: It depends on your age and health history at the time you buy the insurance. Generally speaking, 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 Oregon Partnership Rates
Oregon Long Term Care Insurance Partnership policies have rates like other policies with similar benefit design. But, the required features of a Partnership policy can limit flexibility in benefit design. Thus it’s a good idea to also look at non-Partnership long term care policies. A wider range of benefit design may be available and more suitable to a particular situation. An insurance agent specializing in long term care insurance in Oregon can illustrate this for you.
How to Purchase Oregon Long Term Care Insurance
Long Term Care Insurance Oregon Partnership policies are available from several LTC insurance companies. Insurance agents representing these companies must have special training required by the State of Oregon. Here is a list of some insurance companies offering long term care insurance in Oregon:
Request Oregon Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990 and will give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for your situation. We shop all the Oregon long term care insurance companies and give you:
- Price comparisons customized for your specific needs from trusted insurance 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 insurance company’s plan.
- Financial stability reviews of each long term care insurance company’s ratings, size and claims paying experience.