Long Term Care Insurance Missouri Partnership Cost and Companies
Missouri 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.
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.
Does Medicare Cover Long Term Care?
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 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 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.
The Risk Of Needing Need Long Term Care
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.
Types of 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. Our comparisons explain the differences to help you decide which may be best for you.
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. Our long term health insurance quotes and comparisons take into account your age, health history, and all applicable health discounts.
Missouri Long Term Care Costs
Missourians need to know long term care costs when planning for future long term care needs. Missouri’s current cost of care and future cost projections, tell how much long term care protection you need.
The most current study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. This Genworth Financial 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers across the country. Included is a Cost of Care Calculator which adjusts long term care costs for inflation. This allows you to better estimate future long term care costs in Missouri.
Here is the current cost of long term care in Missouri:
Missouri 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)|
|Missouri State Median||$66,521||$60,225||$34,128||$48,048|
|Rest of Missouri||$58,400||$54,750||$31,800||$45,760|
Missouri Long Term Care Insurance Partnership Program
The Missouri Long Term Care Partnership program is a collaboration between Missouri and private long term care insurance companies. Partnership long term care policies must also meet certain federal and state requirements. Missouri LTC Partnership policies provide an extra level of protection, when compared to a regular long-term care insurance policy. In particular, such policies permit individuals to protect assets from spend-down requirements under Missouri’s Medicaid program if help under this program is ever needed.
There are several long term care insurance companies offering LTC insurance in Missouri. The Long Term Care Insurance Missouri Partnership requires these companies offer specific policy benefits. This rule can help simplify benefit selection when buying your long term care insurance policy. Long term care insurance Partnership Program Missouri policies are often referred to as Partnership Policies.
Missouri Long Term Care Partnership Reciprocity
Consider the scenario where someone buys a Long Term Care Partnership policy in another State and then later moves to Missouri. Reciprocity means they will not lose the special asset protection when they move to Missouri. And The State of Missouri would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their LTC Partnership policy before relocating.
Missouri Long Term Care Partnership Rates
Long Term Care Insurance Missouri Partnership policies cost about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of Missouri Long Term Care Partnership policies can limit your options when selecting policy benefits. So we recommend you compare Missouri LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent who specializes in long term care insurance solutions.
How Much Does LTC Insurance Cost In Missouri?
What’s the cost of long term care insurance in Missouri? 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 quotes and comparisons specific to your situation.
Long Term Care Insurance Companies In Missouri
Missouri 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 Missouri:
Compare Long Term Care Insurance Costs and Options
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Compare Missouri’s Long Term Care Insurance Companies, Quotes and Policy Costs. We’ll help you compare the companies and plan options side by side. We also provide detailed comparisons to the AARP LTC insurance offering.
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