Long Term Care Insurance Tennessee Partnership Companies and Costs
Long Term Care Insurance Tennessee Partnership Program
The Tennessee Long Term Care Insurance Partnership Program is a special program. It is a partnership between Tennessee and private long term care insurance companies. A Long Term Care Insurance Tennessee Partnership policy must meet the same standards as a policy not sold under the program. A partnership policy must also meet certain federal and state requirements, and be certified as a “long-term care partnership policy” by the Tennessee Department of Commerce & Insurance.
Partnership 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 Tennessee’s Medicaid program (TennCare) if help under this program is ever needed. There are several long term care insurance companies offering LTC insurance in Tennessee. The Long Term Care Insurance Tennessee 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 Tennessee Partnership Program are known as “Partnership Policies”.
How Many People Need Long Term Care?
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 criteria makes it important to plan ahead. In general term, this means buying long term care insurance when you’re in your 50’s and enjoying good health.
Tennessee Long Term Care Costs
Tennesseans need to know long term care costs when planning for future long term care needs. Tennessee’s current cost of care and future cost projections, tell how much long term care protection to have in your retirement plan. In 2017, the state median for a private room in a nursing home was $79,205 per year. By 2037, the cost of long term care is projected to be $143,053 per year. Requiring a few years of long term care services could wipe out the life savings of many families.
A comprehensive study on national long term care costs is from LifePlans, Inc. for the John Hancock Life Insurance Company. Their most recent Cost of Care Study surveyed over sixteen thousand long term care providers across the nation. John Hancock Life Insurance Company provides a Cost of Care Calculator. The calculator adjusts long term care costs for inflation. This allows you to better estimate future long term care costs in Tennessee. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest life insurers in the United States.
Another study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. The Genworth Financial 2017 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers.
Tennessee Long Term Care Costs – 2017 (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) |
| Tennessee State Median | $79,205 | $73,318 | $43,140 | $42,900 |
| Chattanooga | $94,491 | $79,935 | $37,200 | $43,472 |
| Clarksville | $82,563 | $73,212 | $40,410 | $45,760 |
| Cleveland | $74,278 | $71,175 | $55,080 | $44,044 |
| Jackson | $72,635 | $70,810 | $33,300 | $41,184 |
| Johnson City | $78,475 | $73,913 | $48,300 | $42,580 |
| Kingsport Area | $76,285 | $73,318 | $46,800 | $43,472 |
| Knoxville | $85,165 | $81,030 | $42,798 | $42,900 |
| Memphis | $78,840 | $74,639 | $48,960 | $41,184 |
| Morristown | $72,635 | $69,350 | $39,960 | $41,756 |
| Nashville Area | $94,900 | $74,825 | $41,460 | $45,760 |
| Rest of State | $77,928 | $72,270 | $43,140 | $41,184 |
Tennessee Long Term Care Partnership Reciprocity
Let’s look at the situation where someone buys a Long Term Care Partnership policy in another State and then later moves to Tennessee. Reciprocity means they will not lose the special asset protection when they move to Tennessee. Tennessee would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their Long Term Care Partnership policy before relocating. Following is a source for more information on Long Term Care Partnership programs in Tennessee and other states.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Tennessee? 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)
Tennessee Long Term Care Insurance Rates
Long Term Care Insurance Tennessee Partnership policies cost about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of Long Term Care Insurance Tennessee Partnership policies can limit your options when selecting policy benefits. So consumers should compare Tennessee LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent specializing in Long Term Care Insurance.
Buying Tennessee Long Term Care Insurance
Long Term Care Insurance Tennessee Partnership policies are offered by several long term care insurance providers. Insurance agents offering LTC Partnership policies must maintain a special certificate of training. Here is a list of Tennessee long term care insurance providers:
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Request Tennessee Long Term Care Insurance Quotes!
We’ve specialized in long term care planning since 1990. We give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for you. Our independent representatives shop all the major long term care insurance providers in Tennessee and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, Mutual of Omaha, Transamerica, LifeSecure and other top providers.
- Benefit comparisons of each insurance company’s policy. This comparison examines both the similarities and differences of each long term care plan. We also give you comparisons to the AARP Long Term Care Plan and the Federal Long Term Care Plan.
- Financial stability reviews of each long term care insurance provider’s financial ratings, asset base and claims paying experience.