Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
Cost of Long-Term Care in Vermont – 2024 (annual) | |||
Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
Vermont Average Cost | $144,542 | $72,570 | $71,346 |
Burlington-South Burlington | $170,341 | $77,065 | $70,999 |
Rest of State | $132,260 | $66,876 | $76,215 |
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is 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.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
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.
Your Vermont long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
Vermont Long-Term Care Partnership policies are available. Partnership policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living and home care.
The unique asset protection benefits of a Vermont Long-Term Care Partnership Program policy apply if your care needs last longer than the benefits of your Partnership policy. To illustrate, for every dollar your Partnership policy pays in benefits, a dollar of assets is protected from the long term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Vermont Long-Term Care Partnership policy rates are like regular plans. We still recommend comparing them with non-Partnership policies because you may find other options better suited to your needs. This includes hybrid long-term care insurance plans not available under the Vermont Long-Term Care Partnership.
Vermont does participate in the national reciprocity agreement. Reciprocity allows you to buy a qualifying Long-Term Care Insurance Partnership policy in another state and maintain the special asset protection if you move to Vermont. The State of Vermont will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your LTC Partnership policy before moving to Vermont. The majority of states have Reciprocity, but not all.
Vermont long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Vermont:
Our Vermont LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
About the Author: Craig Matesky
Reviewed by: Mike Berger