Louisiana Long Term Care Insurance Companies, Review and Quotes
Louisiana Long Term Care Planning
Long term care services include nursing homes, assisted living facilities and home health care. The high cost of Louisiana long term care services is one of the greatest risks to Louisianans savings and a secure retirement. 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.
A long term care plan 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. Long term care insurance 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.
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 because other forms of insurance do not pay for most long term care services.
Does Medicare Cover Long Term Care Costs?
Medicare is the federal health insurance program for people over 65 and for some younger people with disabilities. But Medicare does not pay for most long term care services. Specifically, Medicare does not pay for custodial care which makes up more than 90% of long term care. An example of custodial care is when someone needs help with walking, bathing, eating, dressing and using the toilet.
Custodial care is also 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.
Types of Louisiana Long Term Care Insurance
There are two types of protection for long term care needs:
- Traditional Long Term Care Insurance.
- Hybrid Long Term Care Insurance. This includes long term care annuities and long term care life insurance.
Each type has its specific advantages. For example, long term care annuities can be the best fit for those with health issues. Our long term care professionals will explain the differences to help you decide which may be best for you.
Best Age To Buy Louisiana Long Term Care Insurance
Like most advisers, we recommend buying Louisiana long term health 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 have to 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.
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 you how much long term care protection you need.
A comprehensive study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. The Genworth Financial 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers nationwide.
Here are Louisiana long term care costs from that study. The table below includes home health care costs, assisted living facility costs and the cost of nursing facilities.
Louisiana 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)|
|Louisiana State Median||$66,503||$62,780||$42,600||$36,608|
|New Orleans Area||$71,175||$67,525||$43,320||$36,608|
|Rest of Louisiana||$61,951||$57,305||$38,988||$32,032|
Louisiana Long Term Care Partnership Program
The Louisiana Long Term Care Partnership Program is a three way program. It’s 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 insurance 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.
The Louisiana Long-Term Care Insurance Partnership Program requires companies offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy.
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 increase the cost of insurance. This mandatory feature of the Louisiana LTCi Partnership Program may limit your options. Consequently we recommend buyers compare Louisiana LTC Partnership insurance with non-Partnership policies. Working with our long term care insurance professionals is the best way to compare the differences.
Louisiana Long Term Care Partnership Reciprocity
Many states with LTC Partnership Insurance plans have reciprocity with other states. This 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 LTC Insurance Cost In Louisiana?
How much does long term care insurance costs in Louisiana? The answer: Long term care insurance premiums 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 (a deductible in days)
- Inflation Protection (if chosen)
Click to request Louisiana long term care insurance quotes and comparisons specific to your situation.
Top Long Term Care Insurance Companies In Louisiana
Traditional long term care insurance, Partnership Policies and hybrid long term care insurance are available from several top-rated long term care insurance companies in Louisiana. And these LTC insurance providers must meet criteria mandated by the Louisiana Department of Insurance.
Our licensed professionals maintain long term care specific training and education requirements to help you choose the best coverage and company. Each company typically has a sweet spot based on age related pricing and health underwriting. Here is a list of long term care insurance companies in Louisiana:
Compare Louisiana LTC Insurance Costs and Options
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