Long Term Care Insurance Pennsylvania Partnership Review
Pennsylvania Long Term Care Insurance Partnership
The Long Term Care Insurance Pennsylvania Partnership program combines private long term care insurance protection with special access to Medicaid. The Pennsylvania Long Term Care Insurance Partnership Program allows residents the ability to shield a portion or all of their wealth (assets) and still be able to qualify for Medicaid if their long term care needs extend beyond what is payable by their private long term care insurance policy.
The private long term care insurance providers in Pennsylvania are mandated by the Pennsylvania Long Term Care Partnership to offer specific benefits. These mandated benefits can help take the guesswork out of choosing your long term care insurance protection. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. In 2007, a law was passed (Act 40) that established the creation of long-term care partnership policies in Pennsylvania. The private long term care insurance Pennsylvania companies in conjunction with the Pennsylvania Long Term Care Partnership program provide long term care policies that are commonly referred to as “Partnership policies”.
Who Needs Long Term Care?
The U.S. Department of Health and Human Services reports that about 70 percent of people over age 65 will require some type of long-term care services during their lifetime. However, 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. Consider the U.S. Census Bureau’s projections that the elderly population will more than double between now and the year 2050, to 80 million. By that year, as many as 1 in 5 Americans could be elderly with most of this growth occurring between 2010 and 2030. These numbers are sure to put a lot of stress on the long term care system in the United States.
Pennsylvania Long Term Care Costs
Perhaps the most comprehensive annual study on national long term care costs is conducted annually by Genworth Financial, a Fortune 500 company. The Genworth Financial 2018 Cost of Care Survey encompasses long term care costs nationally and surveyed over 15,000 long term care providers in 440 regions. These numbers are important for Pennsylvania residents to consider because the local cost of long term care is a primary factor in selecting how much long term care coverage should be included in your retirement plan. The John Hancock Life Insurance Company Cost of Care Calculator also surveyed Pennsylvania long term care costs. The calculator includes an estimator for future long term care costs that have been adjusted for inflation.
Pennsylvania Long Term Care Costs – 2018 (annual) |
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| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
| Pennsylvania Median | $121,363 | $115,340 | $45,000 | $51,777 |
| Allentown Area | $163,338 | $135,050 | $45,000 | $50,336 |
| Altoona | $118,625 | $111,690 | $45,180 | $45,760 |
| Bloomsburg Area | $99,645 | $97,820 | $43,200 | $43,655 |
| Chambersburg Area | $132,495 | $125,925 | $54,601 | $49,764 |
| East Stroudsburg | $117,713 | $111,325 | $41,550 | $56,880 |
| Erie | $116,618 | $103,660 | $55,050 | $51,480 |
| Gettysburg | $131,765 | $123,370 | $37,200 | $52,052 |
| Harrisburg Area | $127,385 | $118,260 | $53,010 | $50,336 |
| Johnstown | $101,835 | $97,455 | $36,427 | $45,760 |
| Lancaster | $132,130 | $125,378 | $52,200 | $52,624 |
| Lebanon | $125,013 | $116,435 | $52,290 | $53,768 |
| Philadelphia Area | $146,000 | $124,465 | $63,810 | $54,912 |
| Pittsburgh | $112,785 | $104,390 | $37,800 | $53,768 |
| Reading | $150,015 | $134,503 | $40,800 | $52,349 |
| Scranton Area | $111,325 | $115,158 | $28,800 | $48,048 |
| State College | $123,370 | $111,143 | $45,810 | $53,768 |
| Williamsport | $139,065 | $115,705 | $38,700 | $54,912 |
| York Area | $139,065 | $125,925 | $49,740 | $52,624 |
| Rest of State | $93,988 | $86,870 | $31,300 | $42,328 |
Long Term Care Insurance Pennsylvania Rates
A Long Term Care Insurance Pennsylvania Partnership policy costs about the same as other policies when designed with similar benefits. Some mandatory features of a Pennsylvania Long Term Care Partnership policy may limit flexibility in benefit design. For this reason, consumers may benefit by also considering non-Partnership long term care insurance coverage, because a wider range of choices may be available and more suitable to a particular situation. An agent specializing in long term care insurance can explain these options to you.
Long Term Care Insurance Pennsylvania Reciprocity
Should a consumer acquire a qualifying long term care insurance partnership policy in another State under their Long Term Care Partnership program, they will not lose their asset protection if they move to Pennsylvania. The State of Pennsylvania will also recognize accumulated asset protection for Medicaid qualification if the policy holder is already receiving benefits under their Partnership long term care policy before having moved to Pennsylvania. Here is a good resource on long term care partnership program reciprocity in Pennsylvania and other states.
How Much Does LTC Insurance Cost In Pennsylvania?
How much does long term care insurance cost in Pennsylvania? The answer: It depends on your age and health history at the time you buy insurance. In general, the younger and healthier you are the lower the premium. The cost will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
Shopping For Long Term Care Insurance In Pennsylvania
Long Term Care Insurance Pennsylvania Partnership policies are offered by a number of long term care insurance companies. Insurance agents representing LTC Partnership policies offered by these companies must have a special certificate of training required by the State of Pennsylvania. Some insurance providers offering long term care insurance in Pennsylvania include:
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Get Pennsylvania Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning since 1990 and provide professional, unbiased advice to help you determine if Long Term Care Insurance protection is right for you. We shop all the major long term care insurance companies in Pennsylvania and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others. We also provide detailed comparisons to the AARP LTC insurance offering.
- 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.