Long Term Care Insurance Oregon Partnership Companies & Cost
Oregon Long Term Care Insurance Partnership
The purpose of the Oregon Long-Term Care Insurance Partnership Program is to encourage people to plan ahead for how they will pay for future long term care needs.
The Long Term Care Insurance Oregon Partnership is a special program. It joins the policy benefits from long term care (LTC) insurance companies with special access to Medicaid. These LTC Partnership policies provide an extra level of protection, when compared to a standard long term care insurance policy. In particular, LTC Partnership policies permit individuals to protect assets from spend-down requirements under Oregon’s Medicaid program, if help under that program is ever needed. Thus, the Long Term Care Insurance Oregon Partnership Program allows Oregonians to protect all, or a portion of their assets, and still qualify for Medicaid. This feature works if your long term care needs last longer than your long term care insurance benefits.
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 benefits. Long term care insurance policies sold under the Long Term Care Insurance Oregon Partnership are known as “Partnership Policies”. It is Section 6021 of the 2005 Deficit Reduction Act that allows for Qualified State Long Term Care Partnerships.
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. Certainly the older you are, the more likely it is that you will need long term care. And because women outlive men by about five years on average, they are more likely to live at home alone when they are older and need assistance at some point.
Long Term Care Planning
Long term care insurance planning is necessary for a solid financial plan. 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 aspect makes it essential to plan ahead. In general terms, this means buying long term care insurance when you’re somewhere between age 50 and 70 and in relatively good health. Insurance premiums are lower at these younger ages and without good health, you may not be able to buy insurance at any price.
Oregon Long Term Care Costs
One of the most comprehensive studies on the cost of long term care is from Genworth Financial, a Fortune 500 company. The Genworth Financial 2017 Cost of Care Survey includes national long term care costs from over 15,000 long term care providers in 440 regions. Oregon long term care rates are important for Oregonians to consider. Because the local cost of long term care is a key factor in identifying how much long term care coverage to include in your financial plan. Another major survey is from John Hancock Life Insurance Company. Their Cost of Care Calculator can also estimate future Oregon long term care costs.
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 your long term care insurance Partnership policy in another State, you will not lose the special 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. There are several states in the country that have this LTC Partnership Reciprocity, but not all states have reciprocity.
How Much Does Long Term Care Insurance Cost?
How much does Oregon long term care insurance cost? The answer is — it depends on your age and health history when you buy your LTC insurance. As mentioned above, 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 Rates
Long Term Care Insurance Oregon Partnership policies have rates like non-partnership policies. But, the required features of an LTC Partnership policy can restrict benefit design. Thus it’s a good idea to also consider non-Partnership long term care policies. A wider range of benefit design may be available and more suitable to a particular situation. Our insurance agents specializing in Oregon LTC insurance can explain differences.
How to Buy Oregon Long Term Care Insurance
Long Term Care Insurance Oregon Partnership policies are available from several long term care insurance companies. Insurance agents offering these policies 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:
Get Oregon Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990. Our long term care insurance agents are independent and will give you professional, unbiased advice, to help you decide if Long Term Care Insurance is right for you. They shop the financially sound 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. They also provide you comparisons to the AARP and USAA Long Term Care Insurance offerings.
- Benefit comparisons of each company’s policy benefits. This side-by-side comparison covers both the similarities and differences of each insurance company’s plan.
- Financial stability reviews of each long term care insurance company’s financial ratings, assets and claims paying experience.