Wyoming Long Term Care Insurance Partnership Program
Long Term Care Insurance Wyoming Partnership
The Wyoming Long Term Care Insurance Partnership program is a public-private venture designed to encourage and reward Wyoming residents for their long term care planning. This special program combines private long term care insurance coverage with special asset protection access to Medicaid. The Long Term Care Insurance Wyoming Partnership allows residents to shield a portion of their assets and still be able to qualify for Medicaid should their long term care needs extend beyond what is payable by their private long term care insurance policy.
The private long term care insurance Wyoming companies are mandated by the Wyoming Long Term Care Insurance Partnership to provide inflation protection, depending on the age at which you purchase your policy. This can help take the guesswork out of choosing your long term care insurance benefits.
Private insurance carriers offering long term care insurance in Wyoming working in tandem with the Wyoming Long Term Care Insurance Partnership program provide the long term care policies commonly referred to as “Long Term Care Partnership Policies”. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships.
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What is The Risk of Needing of 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 Wyoming, the average cost for 3 years of long term care is $271,560 ($90,520 per year) at 2018 rates. That cost is projected to be $490,467 ($163,489 per year) in 2038.2.
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.
Wyoming Long Term Care Costs
It’s important for Wyoming residents to know the cost of long term care services. Not only because the cost of care can be catastrophic for many families, but because the local cost of long term care is a primary factor to deciding how much long term care protection to include in your retirement plan.
Genworth Financial, a Fortune 500 company, conducts a national study each year on the cost of long term care services. The Genworth Financial 2018 Cost of Care Study encompasses national long term care costs nationally including more than 15,000 long term care providers in 440 regions. Another study is conducted by John Hancock Life Insurance Company. The John Hancock study also includes a Cost of Care Calculator which includes an estimator for future long term care costs adjusted for inflation. It allows you to project Wyoming long term care costs a decade or more down the road.
Wyoming Long Term Care Costs – 2018 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Wyoming Median Cost||$90,520||$86,140||$50,820||$57,200|
|Rest of Wyoming||$83,596||$81,760||$42,000||$57,475|
How Much Does LTC Insurance Cost in Wyoming?
How much does long term care insurance cost in Wyoming? The answer: It depends on your age and health history at the time you buy the insurance. Generally 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 (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 Wyoming Rates
Wyoming Long Term Care Insurance Partnership policies cost about the same as other policies, when they contain similar benefits. It’s important to note that some of the required benefits of a Wyoming Long Term Care Partnership policy can limit a consumer’s choice in benefit design. Thus, a consumer may benefit by comparing to non-Partnership long term care insurance as a wider range of choices may be available and more suitable to their situation. An insurance agent specializing in long term care insurance can assist you in making this comparison.
Long Term Care Insurance Wyoming Reciprocity
A qualifying long term care insurance partnership policy acquired in another under another state’s qualifying Long Term Care Partnership program, allows you to retain your asset protection if you move to Wyoming. In this scenario, the State of Wyoming will also recognize any accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before you move to Wyoming. The following is a good resource on long term care insurance partnership programs in Wyoming and other states.
Long Term Care Insurance Companies in Wyoming
Wyoming 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 is a list of long term care insurance companies offering coverage in Wyoming:
Request Free Quotes and Comparisons!
We’ve specialized in Long Term Care planning since 1990. You get professional, unbiased advice to help you decide if Long Term Care Insurance is right for your situation. We shop all the major long term care insurance companies in Wyoming and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, LifeSecure, Transamerica, Mutual of Omaha. We also provide detailed comparisons to the AARP LTC Insurance offering.
- Benefit comparisons of each company’s LTCi 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 provider’s ratings, size and claims paying experience.
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 6/12/2019
3. Family Caregiver Alliance (www.caregiver.org), site accessed 6/12/2019