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.
Washington State Long-Term Care Costs – 2024 (annual) | |||
Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
Washington State Average | $132,246 | $82,811 | $83,131 |
Bellingham | $126,047 | $61,477 | $56,912 |
Bremerton-Silverdale | $149,748 | $93,529 | $84,202 |
Kennewick-Richland | $133,658 | $90,749 | $69,109 |
Longview | $130,005 | $76,092 | $80,162 |
Mount Vernon-Anacortes | $137,813 | $87,534 | $90,554 |
Olympia-Tumwater | $135,691 | $66,601 | $83,273 |
Seattle-Tacoma-Bellevue | $140,785 | $90,412 | $88,212 |
Spokane-Spokane Valley | $135,340 | $59,957 | $77,150 |
Vancouver Area | $142,441 | $76,139 | $79,101 |
Walla Walla | $119,573 | $72,565 | $80,053 |
Wenatchee | $139,111 | $62,776 | $77,193 |
Yakima | $146,916 | $68,482 | $74,225 |
No, Medicare does not pay for 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 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:
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 disregard 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 Washington Medicaid Estate Recovery.
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 always compare WA LTC Partnership plans to these other options. This can uncover alternatives better suited to your situation.
There is LTC Partnership Reciprocity in Washington State. 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 when moving to Washington.
The State of Washington would also recognize accumulated asset protection for Medicaid qualification, if you were already receiving LTC benefits from your state long-term care partnership program before relocating. Without a reciprocity agreement, your long-term care policy is portable, but the asset protection features are not.
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.
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
About the Author: Mike Berger
Reviewed by: Craig Matesky