Vermont Long Term Care Insurance Partnership Companies and Quotes
Vermont Long Term Care Insurance Partnership Program
The Vermont Long Term Care Insurance Partnership Program is a three way partnership. It joins the State of Vermont, 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 Vermont 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 Vermont’s Medicaid program if help under this program is ever needed.
There are several long term care insurance companies offering LTC insurance in Vermont. The Vermont Long-Term Care Insurance Partnership requires these companies 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 Vermont Long-Term Care Insurance Partnership Program are known as “Partnership Policies”.
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. Critical because traditional health insurance and Medicare do not pay for most long term care services.
To buy long term care insurance, individuals must be enjoying good health. And this health qualification aspect makes it important to plan ahead. In general terms, this means buying long term care insurance when you’re somewhere between age 50 and 70 and enjoying good health.
Vermont Long Term Care Costs
Vermonters need to know long term care costs when planning for future long term care needs. Vermont’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 most recent 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 Vermont. 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. The table below lists Vermont long term care costs from these two studies.
Vermont 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)|
|Vermont State Median||$118,808||$113,698||$54,000||$61,776|
|Rest of Vermont||$110,960||$107,310||$48,000||$58,344|
Vermont 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 Vermont. Reciprocity means they will not lose the special asset protection when they move to Vermont. The State of Vermont 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 Long Term Care Insurance Cost?
How much does long term care insurance cost in Vermont? The answer is: It depends on your age and health history at the time you buy LTC 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.
Vermont Long Term Care Insurance Rates
Vermont 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 Vermont Long Term Care Insurance Partnership policies can limit your options when selecting policy benefits. So consumers should compare Vermont LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent specializing in Long Term Care Insurance. You may request long term care insurance quotes specific to your situation by completing the form on this page.
How to Buy Vermont Long Term Care Insurance
Vermont Long Term Care Insurance Partnership policies are offered by several long term care insurance companies. Insurance agents offering LTC Partnership policies must maintain a special certificate of training. Here is a list of long term care insurance companies offering coverage in Vermont:
Request Vermont 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 Vermont and give you:
- Price comparisons customized for your specific needs from well respected companies like Mutual of Omaha, Transamerica, LifeSecure, Lincoln Financial and others. 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.