Louisiana Long Term Care Insurance Partnership Cost & Companies
Louisiana Long Term Care Insurance Partnership
The Louisiana Long Term Care Insurance Partnership Program is a three way program. It is a collaboration between The State of Louisiana, long term care insurance companies and the federal Medicaid Program. Long term care insurance policies sold under the Louisiana Long-Term Care Insurance Partnership have become known as “Partnership Policies”.
The Louisiana Long-Term Care Partnership encourages people to plan ahead for their future long term care needs. These Partnership long term care policies must meet certain federal and state requirements. Partnership LTCi coverage includes extra protection when compared to regular long term care insurance. Partnership policies allow individuals to protect assets from Louisiana’s Medicaid spend-down requirements if help under Medicaid is ever needed.
There are several long term care insurance companies offering LTC insurance in Louisiana. The Louisiana Long-Term Care Insurance Partnership requires these companies offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy.
Who Needs Long Term Care Services?
The U.S. Department of Health and Human Services says about seventy percent of people over age 65 will need long term care during their lifetime. But the need for long term care services is not limited to seniors. There are now forty percent of people currently receiving long term care that are between the ages of 18 and 64. Long term care insurance planning is critical to a financial plan. Critical because traditional health insurance and Medicare do not pay for most long term care services.
Long term care insurance most often requires medical underwriting at time of application. Meaning individuals must be enjoying good health to buy an LTC insurance policy. This health qualification aspect makes it important to plan ahead. In practical terms, this means buying long term care insurance when you’re somewhere between age 50 and 70 and enjoying pretty good health. Health criteria does vary by company. Long term care annuities, asset based long term care plans, may be a better fit for those with health issues.
Louisiana Long Term Care Costs
Louisianians need to know long term care costs when planning for future long term care needs. Louisiana’s current cost of care and future cost projections, tell how much long term care protection to have in your retirement plan.
A comprehensive study on national long term care costs is from LifePlans, Inc. for John Hancock Life Insurance Company. Their most recent Cost of Care Study surveyed over sixteen thousand long term care providers across the nation. John Hancock Life Insurance Company provides a Cost of Care Calculator. The calculator adjusts long term care costs for inflation. This allows you to better estimate future long term care costs in Louisiana. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest insurance company’s in the United States.
Another study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. The Genworth Financial 2017 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. Following are Louisiana long term care costs from that study.
Louisiana Long Term Care Costs – 2017 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Louisiana State Median||$65,700||$62,050||$39,510||$34,892|
|New Orleans Area||$73,000||$65,700||$45,600||$44,044|
|Rest of State||$64,605||$61,320||$31,800||$34,320|
Louisiana Long Term Care Partnership Reciprocity
Many states with LTC Partnership Insurance plans have reciprocity with other states. That would allow someone can buy a Long Term Care Insurance Partnership policy in another State then later moves to Louisiana. If Louisiana had Reciprocity, they would not lose the special asset protection by moving to Louisiana. To date, The State of Louisiana is still working to establish reciprocity with other states.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance costs in Louisiana? The cost will depend upon your age and health conditions when you buy the insurance. In general, the younger and healthier you are the lower the premiums. Your LTC insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Louisiana Long Term Care Insurance Rates
Louisiana Long Term Care Insurance Partnership premiums are like other LTC insurance policies. But at some ages there is mandatory inflation protection which can raise the price. This feature of Louisiana LTCi Partnership may limit your options when choosing benefits. We recommend buyers compare Louisiana LTC Partnership insurance with non-Partnership policies. Working with an agent specializing in Long Term Care Insurance is the best way to understand the differences.
How to Buy Louisiana Long Term Care Insurance
Louisiana Long Term Care Insurance Partnership policies are offered by several long term care insurance companies. Insurance agents offering LTC Partnership policies must receive training required the state. Here is a list of Louisiana long term care insurance providers:
Get Louisiana Long Term Care Insurance Quotes!
Your quote request gets you professional, unbiased information to help you decide if Long Term Care Insurance is right for you. Our independent long term care insurance brokers shop all major LTC insurance companies in Louisiana and give you:
- Price comparisons specific to your needs from respected insurance companies like Genworth Financial, Mutual of Omaha, Transamerica, LifeSecure and other top-rated LTC insurance providers.
- Benefit comparisons of each insurance company’s policy. This comparison examines the similarities and differences of each long term care plan. We also give you comparisons to the AARP Long Term Care Plan and USAA Long Term Care Insurance offerings.
- Financial stability reviews reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.