West Virginia Long Term Care Insurance Partnership Review & Costs
West Virginia Long Term Care Insurance Partnership
The West Virginia Long Term Care Insurance Partnership Program is a three way partnership. It joins the State of West Virginia, long term care (LTC) insurance companies and the federal Medicaid Program. West Virginia Partnership LTC insurance policies must also meet certain federal and state requirements.
The purpose of the West Virginia 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 West Virginia’s Medicaid program if help under this program is ever needed.
Several long term care insurance companies offer LTC insurance in West Virginia. The West Virginia Long-Term Care Insurance Partnership requires these companies offer specific policy benefits. This rule may help you select the level of benefits of your long term care insurance policy. Long term care insurance policies sold under the West Virginia 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 term, this means buying long term care insurance when you’re somewhere between age 50 and 70 and enjoying good health.
West Virginia Long Term Care Costs
West Virginians need to know long term care costs when planning for future long term care needs. These West Virginia current cost of care and future cost projections are one of the best indicators for selecting how much long term care insurance 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 West Virginia. 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 2017 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. Following are West Virginia long term care costs from that study.
West Virginia Long Term Care Costs – 2017 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|West Virginia State Median||$122,823||$116,435||$45,000||$40,040|
|Rest of State||$125,195||$121,545||$43,500||$34,320|
West Virginia Long Term Care Partnership Reciprocity
Consider the scenario where a person buys a Long Term Care Partnership policy in another State and later moves to West Virginia. Reciprocity means they will not lose the special asset protection when they move to West Virginia. The State of West Virginia 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 West Virginia? 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)
West Virginia Long Term Care Insurance Rates
West Virginia Partnership LTCi policies cost about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of West Virginia Long Term Care Insurance Partnership policies may limit your options when selecting policy benefits.
Thus consumers should compare West Virginia LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent specializing in Long Term Care Insurance.
Buying West Virginia Long Term Care Insurance
West Virginia Long Term Care Insurance Partnership policies are offered by several long term care insurance companies. Insurance agents offering West Virginia Partnership policies must maintain a special certificate of training. Following is a list of West Virginia long term care insurance providers:
Get West Virginia Long Term Care Insurance Quotes!
We’ve specialized in long term care planning since 1990. Our insurance agents give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for your situation. Our independent agents shop all major long term care insurance providers in West Virginia 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.
- Benefit comparisons of each insurance company’s policy. This comparison examines both the similarities and differences of each long term care plan. We also give you comparisons to the AARP Long Term Care Plan and the Federal Long Term Care Plan.
- Financial stability reviews of each long term care insurance provider’s financial ratings, asset base and claims paying experience.