Long Term Care Insurance Oregon Partnership Companies & Cost
Oregon 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. 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 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.
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 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 take into account your age, health history, and all applicable health discounts.
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 2018 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.
Oregon Long Term Care Costs (annual) – 2018
|Home Health Aide (44 Hrs/wk)|
|Rest of Oregon||$116,964||$107,858||$53,220||$53,196|
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.
Oregon LTC Partnership 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.
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 LTC Insurance Cost In Oregon?
How much does long term care insurance cost in Oregon? The answer: 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 (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.
Top Long Term Care Insurance Companies In Oregon
Oregon long term care insurance and Partnership Policies are available from several top-rated insurance carriers. These companies are regulated by the Oregon Department of Insurance, and each typically has a sweet spot based on age related pricing and health underwriting.
We offer traditional long term care insurance, Partnership Policies and hybrid long term care insurance plans. Our licensed professionals maintain long term care specific training and education requirements.
Here is a list of long term care insurance companies in Oregon:
Compare Long Term Care Insurance Costs and Options
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Compare Oregon’s 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 offerings.
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