Compare Long-Term Care Insurance in Washington State

Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
  • Washington Long-Term Care Partnership Program
  • Traditional Long-Term Care Insurance
  • Hybrid Life Insurance with LTC
  • Long-Term Care Annuities
 

Highly Rated Companies

Washington State 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.

Ready to explore costs and options?

Compare my options >
image

Did You Know?

image

Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1

image

One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2

image

In 2022, the average cost for 3 years of long-term care in Washington State was $376,791 ($125,597 per year). That cost is projected to be $680,526 ($226,842 per year) in 2042.3

Washington State Long-Term Care Tax

Washington was the first state in the nation to develop a long-term care payroll tax to help fund a long-term care program. Known as the Washington Cares Fund, the program is funded with a 0.58 percent payroll tax on all employee wages beginning July 1, 2023.

Unlike other state insurance programs, there is no cap on wages. All wages and other compensation, including stock-based compensation, bonuses, paid time off, and severance pay, are subject to the tax.

Learn More >
image

Does Medicare Cover Long-Term Care?

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

When To Buy Long-Term Care Insurance

Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:

  • The younger you are when you buy a policy, the lower the annual premiums.
  • Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
  • 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.

Find Out If You Health Qualify For Insurance >

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.

image

LTC Insurance Options in Washington State

Washington long-term care insurance options include: Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC. Another alternative is Short-Term Care Insurance, which is most often chosen due to affordability, health or age limitations.

 

card-image

Traditional Long-Term Care Insurance

  • The most comprehensive long-term care protection for your dollar
  • About half of all long-term care policies purchased – includes Washington State Long-Term Care Partnership
  • The broadest set of options
  • Recurring premiums
  • Learn more about Traditional LTC >
card-image

Hybrid Life Insurance with Long-Term Care

  • A permanent life insurance policy that can be used during your lifetime if you need long-term care
  • If care is not needed, your asset passes to your estate as a tax-free death benefit
  • Insurance policy may build cash value and have a return of premium option
  • Premiums will not increase and 1035 exchanges possible
  • Learn more about Hybrid Life with LTC >
card-image

Hybrid Annuity with Long-Term Care

  • A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
  • If not exhausted paying for your long-term care needs, the annuity will transfer to your estate
  • Long-term care benefits are typically double or triple the value of the annuity
  • Premiums will not increase and 1035 exchanges possible
  • Learn more about Hybrid Annuities with LTC >
card-image

Short-Term Care Insurance

  • Coverage for a year or less with the option of home health care only, facility only, or both combined
  • Expect lower premiums than long-term care insurance and some policies are available to age 89
  • Simplified underwriting can be a good fit if you’ve been declined for LTC insurance
  • Option for no deductible, meaning benefits would be paid as soon as you qualify
  • Learn more about Short-Term Care Insurance >

 

Washington State Long-Term Care Partnership

Washington Long-Term Care Partnership Program policies combine private long-term care insurance with Medicaid asset protection. Only LTC Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.

This valuable asset protection feature of the Washington State Long-Term Care Partnership applies when your long-term care needs last longer than the benefits of your LTC Partnership policy. For instance, for every dollar your Washington State Long-Term Care Partnership policy pays in benefits, a dollar of your assets are 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 Washington State LTC Partnership plan.

Washington State Long-Term Care Partnership insurance costs are like regular policies. But some types of LTC plans and not included in the Washington LTC Partnership. This includes hybrid long-term care insurance and short-term care plans. For this reason, we compare WA LTC Partnership plans to all other options. This can uncover alternatives better suited to your situation.

Washington State Long-Term Care Partnership.

Partnership Reciprocity

Reciprocity applies when you buy a Long-Term Care Partnership policy in another State and then later move to Washington State. Because Washington has reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to Washington. The State of Washington would also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits from your Long-Term Care Partnership policy before relocating. Without a reciprocity agreement, your long-term care policy is portable, but the asset protection features are not.

Average Cost of LTC Insurance in Washington State?

Your Washington State 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:

  • Benefit Period
  • Daily Benefit
  • Elimination Period (a deductible in days)
  • Inflation Protection (if chosen)

Ready to get pricing and suggestions?

Compare your options >
image

Long-Term Care Costs Washington State

Washington State Average LTC Costs (annual)

RegionNursing Home (private room)Nursing Home (semi-private room)Assisted Living (private room)Home Health Aide (44 hours/wk)
Washington State Median$125,597$113,150$72,000$78,936
Bellingham$125,195$111,325$55,200$77,792
Bremerton$146,913$125,743$69,000$84,084
Kennewick$123,370$114,975$62,700$74,360
Longview$105,485$93,805$63,600$72,644
Mount Vernon Area$130,305$133,955$66,000$86,944
Olympia Area$128,480$117,165$57,660$80,080
Seattle Area$143,810$118,990$81,000$81,224
Spokane Area$120,450$113,150$58,650$77,792
Walla Walla$122,458$110,778$38,529$73,788
Wenatchee$131,400$100,375$69,000$70,928
Yakima$109,500$102,200$59,700$71,500
Data from Genworth Cost of Care Survey

Long-Term Care Insurance Companies in Washington State

There are several options of long-term care insurance companies in Washington State. Our professional advisors compare multiple highly rated insurance companies to find you the right plan at the lowest cost.

Compare Long-Term Care Insurance Options

Our Washington 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

Ready to start a conversation?

Start long-term care planning >
image

What Our Customers Say

 


1. “How Much Care Will You Need?” LongTermCare.gov, U.S. Department of Health and Human Services, site accessed 6/26/2023
2. “How Much Care Will You Need?” LongTermCare.gov
3. Cost of Care Survey 2021 Genworth.com, site accessed 6/26/2023
4. “Who Will Provide Your Care?” LongTermCare.gov
5. Family Caregiver Alliance Caregiver.org, site accessed 6/26/2023
Please note: Coverages and other features vary between insurers, vary by state, and are not available in all states.