Get Information About Long Term Care Insurance In Your State
Long Term Care Cost Data by State
Long term care costs in your state are important to your LTC planning decisions. Knowing your local and regional care costs can help you decide if this is a risk you want to pay for out of pocket, or if it makes sense to transfer the risk to an insurance company.
In 2020, the national median cost of long term care is $105,850 annually. Multiplied by the three year average length of care, this equates to $317,550.
By 2030 that same three years of care is projected to cost $426,762 and grow to $573,531 by 2040.
Long Term Care Insurance offerings vary by state. Click on your state to get details on long term care costs, insurance companies and partnership policies.
District of Columbia
Long Term Care Partnership Policies
Partnership long term care insurance provides special asset protection to individuals who have purchased a LTCi Partnership policy. If they exhaust their insurance benefits, they can protect some or even all their assets from Medicaid spend down if they need more care. Go to your state in the listing above to get details on the long term care insurance Partnership policies offered in your state. This includes which long term care insurance companies offer Partnership policies and whether your state has reciprocity with other states.
Long Term Care Hybrid Products
Long term care hybrid products include the following types of insurance policies:
This newer class of LTC protection has gained strong growth in market share in recent years. As the names suggest, one is life insurance with a long term care rider and the other an annuity with long term care rider. Go to the corresponding pages above to learn more about long term care hybrid products and 1035 exchange rules for life insurance and annuities.