Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This 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.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
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.
Find out if your current health conditions will make it hard to qualify >
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in South Carolina. Another option is Short-Term Care, which is most often chosen because of health or age limitations.
South Carolina Long-Term Care Partnership policies are available. These Partnership policies combine private Long-Term Care Insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
The unique asset protection benefits of a South Carolina Long-Term Care Partnership Program policy applies if your care needs last longer than the benefits of your Partnership policy. For example, every dollar your Partnership policy pays in benefits protects a dollar of your assets from the long-term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
South Carolina Long-Term Care Partnership rates are like non-Partnership policies. Still, we recommend comparing them with non-Partnership policies because you may find other options better suited to your needs. For instance, hybrid long-term care insurance plans are not available under the South Carolina Long-Term Care Partnership Program. Our LTC Advisors have special training and will provide expert suggestions.
South Carolina does participate in the national reciprocity agreement. Reciprocity allows you to buy a qualifying Long-Term Care Partnership policy in another state and maintain the special asset protection benefit if you move to South Carolina. Meanwhile, South Carolina also recognizes accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your LTC Partnership policy before moving to South Carolina. The majority of states have Reciprocity, but not all.
Your South Carolina long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
South Carolina Long-Term Care Costs – 2022 (annual) | ||||
Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
South Carolina Median | $95,813 | $87,418 | $43,338 | $53,768 |
Charleston Area | $97,820 | $90,155 | $47,340 | $60,060 |
Columbia | $94,900 | $87,600 | $39,240 | $52,624 |
Florence | $85,501 | $82,125 | $41,475 | $50,336 |
Greenville Area | $107,288 | $90,520 | $44,910 | $56,056 |
Hilton Head Island Area | $86,688 | $75,190 | $54,000 | $66,924 |
Myrtle Beach Area | $80,209 | $76,468 | $48,840 | $57,200 |
Spartanburg | $89,516 | $80,300 | $43,200 | $50,061 |
Sumter | $103,660 | $100,831 | $31,950 | $59,488 |
South Carolina long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in South Carolina:
Our South Carolina LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
Long-term care is the assistance needed when a person is unable to manage their own personal care needs or when they need help with daily activities (walking, bathing, continence, dressing, eating, toileting and transferring). This type of care is known as Custodial Care and is not covered by Medicare.
For most people, long-term care insurance is affordable. However, several factors impact the cost of a policy, including your age, health, and policy design. The typical annual premium is much less than paying for one month of long-term care services out of your pocket.
Your health status and age determines your eligibility for long-term care insurance. But even people with significant health conditions may still qualify. Conditions like Alzheimer’s, Parkinson’s, or currently needing care could disqualify you. Short-term care insurance may be a good option for those at older ages or with certain health issues.
There are many plan options and highly rated carriers available. The best plan is from a highly rated insurance company with the right set of benefits for your needs.
Your best source is from a Long-Term Care Advisor with substantial experience in LTC insurance underwriting, policy design, and claims. A licensed professional who represents several companies can find you the best coverage at the best value.
Some people turn to their financial advisor for long-term health care planning, but this is not their core competency. Many only work with one or two companies and have limited experience with the features and benefits of these products. Also, most have never filed a long-term care claim and don’t understand the process. As a result, many financial advisors partner with us to ensure their clients get the best service.