Wyoming Long Term Care Insurance Partnership Costs and Companies
Wyoming Long Term Care Insurance Review
This Wyoming Long Term Care Insurance Review explains long term care planning in the State of Wyoming. Here are the key points covered in this article:
- The risk of needing long term care
- Wyoming long term care costs
- The two different types of long term care insurance
- What’s the best age to buy long term care insurance
- The Wyoming Long Term Care Partnership Program
- How much does long term care insurance cost in Wyoming
- Long term care insurance companies in Wyoming
- Wyoming long term care insurance quotes and comparisons
Click To Get Wyoming Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in Wyoming.
Wyoming Long Term Care Planning
Planning ahead for future long term care needs is a key 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 it 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.
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 $289,080 ($96,360 per year) at 2019 rates. That cost is projected to be $522,111 ($174,037 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 Pay for Long Term Care?
Medicare is the federal health insurance program for those over 65 and some younger people with disabilities. Medicare does not pay for custodial care which makes up more than 90% of all long term care services.
An example of custodial care is when someone needs help with walking, bathing, eating, dressing or using the toilet. Custodial care 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.
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 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.
Types of Long Term Care Insurance in Wyoming
There are two types of insurance in Wyoming 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 long term care insurance 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 long term care annuity value, often several times over, offering tremendous leverage of premium dollars.
Wyoming Long Term Care Costs
It’s important for Wyoming residents to know the cost of long term care services. Because, the local cost of long term care is a primary indicator to how much long term care protection you need. Even Wyoming assisted living costs can be catastrophic for many families.
Genworth Financial, a Fortune 500 company, conducts a national study on the cost of long term care services. Their 2019 Cost of Care Study includes over 15,000 long term care providers in 441 regions. It also includes a Cost of Care Calculator so you can estimate Wyoming long term care costs a decade or more down the road.
Here is the current cost of long term in Wyoming:
Wyoming Long Term Care Costs – 2019 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Wyoming Median Cost||$96,360||$88,148||$45,360||$64,613|
Wyoming Long Term Care Insurance 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.
Wyoming Long Term Care Insurance Partnership policies are commonly referred to as Partnership Policies. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships.
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. But, the Wyoming Long Term Care Partnership requires companies provide inflation protection, depending on the age at which you buy your policy.
While this rule can help you select policy benefits, it can also increase the cost of insurance. So we recommend comparing Partnership to non-Partnership long term care insurance. You may find a wider range of choices available and more suitable to your situation. One of our long term care professionals can illustrate these options for you.
Wyoming Long Term Care Partnership Reciprocity
The term reciprocity applies to a long term care Partnership Policy acquired in another state, under their LTC Partnership Program. Reciprocity allows you to keep your asset protection if you later move to Wyoming.
In this case, 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 moving to Wyoming.
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 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:
Compare Long Term Care Insurance Costs and Options
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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 2019 (Genworth.com), site accessed 11/05/2019
3. Family Caregiver Alliance (www.caregiver.org), site accessed 6/12/2019