Long Term Care Insurance Washington State Rates, Companies and Quotes
Washington Long Term Care Insurance Review
This Washington State Long Term Care Insurance Review explains long term care planning in Washington . Here are the key points covered in this article:
- The risk of needing long term care
- Washington State long term care costs
- The two different types of long term care insurance
- What’s the best age to buy long term care insurance
- Washington State Long Term Care Partnership Program
- Average cost of long term care insurance in Washington State
- Long term care insurance companies in Washington State
- Washington long term care insurance rates, quotes and comparisons
Click To Get Washington Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in Washington.
Washington State Long Term Care Planning
Planning ahead for future long term care needs is a critical 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.
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 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.
Who Needs Long Term Care Services?
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 Washington State, the average cost for 3 years of long term care is $357,519 ($119,173 per year) at 2019 rates. That cost is projected to be $645,720 ($215,240 per year) in 2039.2.
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 Costs?
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 long term care. An example of custodial care is when someone needs help with walking, bathing, eating, dressing and 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.
Types of Long Term Care Insurance in Washington State
There are two types of insurance in Washington State 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.
What’s The Best Age 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 have to 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 Costs In Washington State
One of the most comprehensive studies on the cost of long term care is from Genworth Financial, a Fortune 500 company. The Genworth Financial 2019 Cost of Care Survey includes national long term care costs from over 15,000 long term care providers in 441 regions.
Washington State long term care costs are important to know. Because, regional long term care costs can help you decide how much long term care protection you need. Here is the current cost of long term care in Washington:
Washington State Long Term Care Costs – 2019 (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) |
| Washington State Median | $119,173 | $109,343 | $66,000 | $69,784 |
| Bellingham | $110,960 | $102,565 | $49,380 | $73,216 |
| Bremerton | $135,050 | $121,545 | $56,670 | $72,644 |
| Kennewick | $116,070 | $108,405 | $54,900 | $66,077 |
| Longview | $105,485 | $93,075 | $66,000 | $68,640 |
| Mount Vernon Area | $125,195 | $117,165 | $55,800 | $75,504 |
| Olympia Area | $144,295 | $109,500 | $63,000 | $69,784 |
| Seattle Area | $152,935 | $125,870 | $78,000 | $75,504 |
| Spokane Area | $119,173 | $107,675 | $48,000 | $68,640 |
| Walla Walla | $109,135 | $97,090 | $48,000 | $68,068 |
| Wenatchee | $131,400 | $100,375 | $58,800 | $66,238 |
| Yakima | $113,497 | $90,564 | $60,000 | $65,208 |
Washington State Long Term Care Partnership
The Long Term Care Insurance Washington State Partnership (LTCP) is a special program. It combines private long term care insurance coverage with special access to Medicaid. The LTCP program allows Washington residents to shield a part or all their assets and still qualify for Medicaid, if their long term care needs extend beyond what is payable by their private long term care insurance policy. Policies sold under the Washington State Long Term Care Partnership program are termed Partnership Policies.
Long term care insurance companies are required by the Washington State Long Term Care Insurance Partnership to offer specific benefits. This rule can help take the guesswork out of choosing your long term care insurance coverage. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships.
Washington State Partnership Policies cost about the same as non-Partnership policies when designed with similar benefits. But, some required features of Washington LTC Partnership Policies can limit flexibility in benefit design. Thus, we suggest comparing non-Partnership long term care insurance as a wider range of choices may be available. One of our long term care insurance specialists can illustrate these differences for you.
Washington State Long Term Care Partnership Reciprocity
What if you buy a long term care insurance partnership policy in another State, under their Long Term Care Partnership program, and then move to Washington? Reciprocity means you will not lose your asset protection if you move to Washington. The State of Washington will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before moving.
Average Cost of LTC Insurance in Washington State
What’s the average cost of long term care insurance in Washington State? Your insurance premiums will depend on the following:
- Your age and health history at the time you buy the insurance. The younger and healthier you are, the lower the cost.
- You select the size of your policy by choosing from the following benefits:
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- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
Long Term Care Insurance Companies in Washington
Washington 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. These are the long term care insurance companies in Washington State:
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1. 2019 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 06/12/2019
2. Cost of Care Survey 2018 (Genworth.com), site accessed 12/07/2019
3. Family Caregiver Alliance (www.caregiver.org), site accessed 6/12/2019