Long Term Care Insurance Utah Costs, Companies and Quotes
Utah 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.
CLICK HERE For Utah Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in Utah.
Who Needs Long Term Care Insurance
Someone turning age 65 today has about a 70 percent chance of needing some type of long term care during their lifetime. While one-third may never need long term care, 20 percent will need it for longer than 5 years. The average length of time people need long term care services is 3 years.1
In Utah, the average cost for 3 years of long term care is $328,500 at 2021 rates($109,500 per year). That cost is projected to be $593,307 in 2041($197,769 per year).2
And it’s not only seniors that need long term care. Over 35 percent of people currently receiving long term care services are between 18 and 64.3
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.
When 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 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.
Utah Long Term Care Insurance Options
There are two types of insurance in Utah that pay for long term care costs. And each type of policy has its specific advantages. One of our licensed professionals can provide more details to help you decide which is best for you.
Traditional Long Term Care Insurance
You pay an annual premium, and if you need long term care due to a cognitive or physical impairment, the policy pays for your care. Traditional LTC insurance policies make up about half of all long term care policies sold.
Hybrid Long Term Care Insurance
Hybrid long term care policies combine the benefits of life insurance, or an annuity, with long term care benefits. You can buy a hybrid LTC policy by paying a one-time lump sum premium, or over a set period of time.
If long term care is never needed, the policy works much like a traditional life insurance policy. It would then pay a death benefit to your beneficiary when you die. And the death benefit is often similar to the amount paid for the policy. But if you need long-term care, the amount of money available can exceed the death benefit or annuity value, often several times over, offering tremendous leverage of premium dollars.
Long Term Care Costs
The most up to date study on long term care costs is from CareScout for Genworth Financial. Their 2021 Cost of Care Survey of national long term care costs and included over 15,000 LTC providers.
Your local long term care costs in Utah are important to know. Because, the cost of long term care is a key factor when deciding how much long term care protection you need. This table lists the current cost of long term care in Utah:
Utah Long Term Care Costs – 2021 (annual) |
||||
| Region | Nursing Home (private room) |
Nursing Home (semi-private) |
Assisted Living (private room) |
Home Health Aide (44 Hrs/wk) |
| Utah State Median Cost |
$109,500 | $86,140 | $42,000 | $68,640 |
| Logan | $75,373 | $72,635 | $39,600 | $65,208 |
| Ogden Area | $123,188 | $91,250 | $43,950 | $68,640 |
| Provo Area | $100,375 | $82,125 | $44,340 | $68,640 |
| Salt Lake City | $98,733 | $89,243 | $39,720 | $67,931 |
| St. George | $100,375 | $77,563 | $42,000 | $62,348 |
Utah Long Term Care Partnership Program
The State of Utah does not have a Long Term Care Partnership program. Long Term Care Partnership Programs combine private long term care insurance with special access to Medicaid. The purpose of Long Term Care Partnership’s is to help people prepare for the possibility of needing nursing home care, assisted living care or home care.
If available, a Utah Long Term Care Partnership Program (Partnership) would allow you to keep all, or part of your assets under the Medicaid program, if your long term care needs last longer than the benefits of your Partnership policy.
Utah Long Term Care Insurance Rates
Your long term care insurance rates in Utah will depend on your age and health history when you buy the insurance. In general, the younger and healthier you are, the lower the premium. Your LTC insurance premiums also vary based on the following benefits you choose:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (optional)
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Long Term Care Insurance Companies In Utah
Utah long term care insurance is available from several well respected insurance companies. We compare these companies to find you the best protection at the lowest cost. Here is a list of long term care insurance companies in Utah:
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1. 2022 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 02/23/2022
2. Cost of Care Survey 2021 (Genworth.com), site accessed 02/23/2022
3. Family Caregiver Alliance (www.caregiver.org), site accessed 02/23/2022