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 provide long-term care coverage (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 provides long-term care coverage. 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 a long-term care policy in your fifties or early sixties for the following reasons:
Find Out If You Qualify For LTC Insurance >
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.
South Carolina long term care insurance policies include Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC. An alternative is Short-Term Care insurance 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 insurance premiums are like non-Partnership policies. Still, we recommend comparing them with non-Partnership policies because you may find alternatives 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 insurance 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 premium will depend on your age, health history, plan design and type of long term care policy selected. The following choices let you choose how much protection is right for your situation:
South Carolina Long-Term Care Costs – 2024 (annual) | ||||
Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
South Carolina Median | $112,420 | $104,025 | $55,800 | $73,216 |
Charleston Area | $119,720 | $105,303 | $48,270 | $78,936 |
Columbia | $105,850 | $100,375 | $62,670 | $68,640 |
Florence | $102,200 | $98,550 | n/a | $160,160 |
Greenville Area | $119,720 | $109,500 | $55,800 | $73,216 |
Hilton Head Island Area | $21,900 | n/a | $64,200 | $73,216 |
Myrtle Beach Area | $102,200 | $100,375 | $67,500 | $64,064 |
Spartanburg | $112,785 | $104,390 | $47,700 | $59,488 |
Sumter | $107,310 | $103,843 | $64,671 | $157,872 |
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 companies 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