Virginia Long Term Care Insurance Partnership Rates and Companies
Long Term Care Insurance in Virginia
Planning ahead for future long term care needs is key for a secure retirement. Certainly many people have had first-hand experience with a loved one who needed long term care. These experiences underscore the reality of the financial and emotional stress when someone needs long term care.
Long term care insurance 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. A long term care plan 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 Virginia Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in Virginia.
Probability of Needing Long Term Care
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 2021, the average cost for 3 years of long term care in Virginia is $329,595 ($109,865 per year) at 2021 rates. That cost is projected to be $595,284 ($198,428 per year) in 2041.2
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 for this recommendation 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.
Long Term Care Insurance Options in Virginia
There are two types of insurance in Virginia 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. Virginia Long Term Care Partnership policies come under this category. 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 long term care insurance 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 long term care annuity value, often several times over, offering tremendous leverage of premium dollars.
Virginia Long Term Care Partnership
Virginia 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 or Home Care.
The unique asset protection benefits of a Virginia Long Term Care Partnership Program policy applies if your long term care needs last longer than the benefits of your Partnership policy.
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.
Virginia Long Term Care Partnership policy rates are like regular policies. 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 Virginia Long Term Care Partnership.
Virginia Long Term Care Partnership Reciprocity
Virginia does participate in the national reciprocity agreement. Reciprocity allows you to buy a qualifying Long Term Care Partnership policy in another state and maintain the special asset protection benefit if you move to Virginia. The State of Virginia will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your LTC Partnership policy before moving to Virginia. The majority of states have Reciprocity, but not all.
Cost of Long Term Care in Virginia
This 2021 Virginia long term care cost comparison can help you decide how much insurance you need. Here we compare nursing facility, assisted living and home care costs across the State of Virginia.2
Virginia Long Term Care Costs – 2021 (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) |
| Virginia Median | $109,865 | $98,550 | $63,000 | $59,442 |
| Blacksburg Area | $109,865 | $98,915 | $67,140 | $64,064 |
| Charlottesville | $91,615 | $80,665 | $68,400 | $75,504 |
| Harrisonburg | $127,203 | $112,785 | $68,535 | $61,204 |
| Lynchburg | $94,900 | $80,745 | $55,500 | $51,480 |
| Richmond | $116,983 | $103,843 | $58,815 | $62,920 |
| Roanoke | $120,450 | $107,310 | $71,100 | $52,624 |
| Staunton | $108,223 | $90,520 | $56,490 | $64,064 |
| Virginia Beach Area | $111,362 | $100,923 | $56,274 | $57,200 |
| Winchester | $139,248 | $133,225 | $60,180 | $57,772 |
How Much Does LTC Insurance Cost In Virginia?
The cost of Long Term Care Insurance in Virginia 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. Your LTC insurance cost will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (optional)
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Long Term Care Insurance Companies In Virginia
Virginia 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’s a list of the best long term care insurance companies in Virginia:
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1. 2022 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 12/12/2022
2. Cost of Care Survey 2021 (Genworth.com), site accessed 12/12/2022
3. Family Caregiver Alliance (www.caregiver.org), site accessed 12/12/2022