Oklahoma Long Term Care Insurance Partnership Cost & Companies
Oklahoma Long Term Care Insurance Partnership
The Oklahoma Long Term Care Insurance Partnership Program is a three way partnership. It joins the State of Oklahoma, long term care insurance companies and the federal Medicaid Program. “Partnership Program” long term care insurance policies must also meet certain federal and state requirements.
The purpose of the Oklahoma Long-Term Care Insurance Partnership is to encourage people to plan ahead for how they will pay for future long term care needs. These Partnership LTCi 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 Oklahoma’s Medicaid program (SoonerCare) if help under this program is ever needed.
The Oklahoma Long-Term Care Insurance Partnership requires the LTC insurance companies to offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy. Long term care insurance policies sold under the Oklahoma Long-Term Care Insurance Partnership Program are known as Partnership Policies.
Click To Get Oklahoma Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in Oklahoma.
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 Oklahoma, the average cost for 3 years of long term care is $190,530 ($63,510 per year) at 2018 rates. That cost is projected to be $344,118 ($114,706 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.
Oklahoma Long Term Care Costs
Oklahomans need to know long term care costs when planning for future long term care needs. Oklahoma’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 latest 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 Oklahoma. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest insurance companies 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 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. Following are Oklahoma long term care costs from that study.
Oklahoma 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)|
|Oklahoma State Median||$63,510||$55,663||$39,900||$49,718|
|Rest of Oklahoma||$58,400||$54,020||$40,050||$50,336|
Oklahoma Long Term Care Partnership Rates
Oklahoma Long Term Care Insurance Partnership policies cost about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of Oklahoma Long Term Care Insurance Partnership policies can limit your options when selecting policy benefits. So consumers should compare Oklahoma LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent specializing in Long Term Care Insurance.
Oklahoma Long Term Care Partnership Reciprocity
Let’s consider the situation where someone buys a Long Term Care Partnership policy in another State and then later moves to Oklahoma. Reciprocity means they will not lose the special asset protection when they move to Oklahoma. The State of Oklahoma would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their Long Term Care Partnership policy before relocating.
How Much Does LTC Insurance Cost in Oklahoma?
How much does long term care insurance cost in Oklahoma? 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
- 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 Oklahoma
Oklahoma 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 in Oklahoma:
Request Oklahoma Long Term Care Insurance Quotes!
We’ve specialized in long term care planning since 1990. We give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for your situation. Our independent representatives shop all the major long term care insurance providers in Oklahoma and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, Mutual of Omaha, Transamerica, LifeSecure and other well respected insurance companies. We also provide detailed comparisons to the AARP LTC Insurance offering.
- Benefit comparisons of each insurance company’s policy. This comparison examines both the similarities and differences of each long term care plan.
- Financial stability reviews of each long term care insurance provider’s financial ratings, asset base 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