Long Term Care Insurance Washington State Partnership Companies and Cost
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.
The private long term care insurance Washington companies are mandated 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. The private long term care insurance Washington companies in conjunction with the Washington State Long Term Care Partnership program provide long term care policies known as “Partnership Policies”.
Who Needs Long Term Care Services?
According to the U.S. Department of Health and Human Services, about 70 percent of people over age 65 will need some type of long-term care services during their lifetime. But, the need for long term care does not only impact seniors. Currently, 40 percent of people receiving long term care services are ages 18 to 64.
Long Term Care Costs 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 2017 Cost of Care Survey includes national long term care costs from over 15,000 long term care providers in 440 regions. Washington State long term care costs are important for Washington residents to consider. The local cost of long term care is a key factor in identifying how much long term care coverage to include in your financial plan. Another survey is from John Hancock Life Insurance Company. Their Cost of Care Calculator can estimate future Washington long term care costs.
Washington 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) |
| Washington State Median |
$113,362 | $102,930 | $55,920 | $60,632 |
| Bellingham | $108,770 | $93,075 | $44,400 | $33,176 |
| Bremerton | $122,885 | $94,557 | $57,000 | $61,776 |
| Kennewick | $107,675 | $99,645 | $50,685 | $54,912 |
| Longview | $100,375 | $89,425 | $48,600 | $60,632 |
| Mount Vernon | $115,705 | $106,215 | $56,700 | $66,352 |
| Olympia | $129,575 | $113,150 | $55,500 | $62,073 |
| Seattle | $131,400 | $116,800 | $63,000 | $69,784 |
| Spokane | $113,256 | $106,051 | $41,040 | $59,488 |
| Walla Walla | $100,375 | $94,900 | $46,950 | $54,912 |
| Wenatchee | $135,342 | $103,386 | $50,850 | $59,488 |
| Yakima | $105,850 | $100,375 | $55,800 | $57,086 |
| Rest of State | $102,200 | $101,470 | $49,890 | $60,632 |
Long Term Care Insurance Washington State 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. Here is a good resource on long term care partnership programs in Washington and other states.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Washington State? The answer: It depends on your age and health history at the time you buy the insurance. Practically 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)
Washington Long Term Care Insurance Rates
A Long Term Care Insurance Washington State Partnership policy costs about the same as other policies when designed with similar benefits. Some required features of Washington Long Term Care Partnership insurance can limit flexibility in benefit design. Thus, it’s a good idea to compare non-Partnership long term care insurance as a wider range of choices may be more suitable for a particular situation. An agent specializing in long term care insurance can explain these differences to you.
How To Buy Long Term Care Insurance In Washington
Washington Long Term Care Insurance Partnership policies are available from several LTC insurance companies. Agents selling Partnership Policies must have special training as required by the State of Washington. Some of the carriers offering long term care insurance policies in Washington State include:
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Request Washington Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990. You get professional, unbiased advice so you can decide if Long Term Care Insurance is right for your situation. We shop all the major long term care insurance companies in Washington and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- Benefit comparisons of each company’s LTC policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.