West Virginia Long Term Care Insurance Partnership Review & Costs
West Virginia Long Term Care Insurance
This West Virginia Long Term Care Insurance Review explains long term care planning in the State of West Virginia. Here are the key points covered in this article:
- The risk of needing long term care
- West Virginia long term care costs
- The two different types of long term care insurance
- What’s the best age to buy long term care insurance
- West Virginia Long Term Care Insurance Partnership
- How much does long term care insurance cost in West Virginia
- Long term care insurance companies in West Virginia
- West Virginia long term care insurance quotes and comparisons
Click To Get West Virginia Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in West Virginia.
Long Term Care Planning in West Virginia
Planning ahead for future long term care needs is a key part of retirement planning. Many people have had first-hand experience with a loved one who needed long term care services. These experiences underscore the reality of the financial and emotional stress when a loved one needs long term care.
Long term care insurance can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need it in the future. A long term care plan also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
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 West Virginia, the average cost for 3 years of long term care is $398,580 ($132,860 per year) at 2018 rates. That cost is projected to be $719,880 ($239,960 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.
Does Medicare Pay for Long Term Care?
Medicare is the federal health insurance program for those over 65 and some younger people with disabilities. Medicare does not pay for custodial care which makes up more than 90% of all long term care services.
An example of custodial care is when someone needs help with walking, bathing, eating, dressing or using the toilet. Custodial care 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.
Types of Long Term Care Insurance in West Virginia
There are two types of insurance in West Virginia that pay for long term care costs. And each type of policy has its specific advantages. One of our licensed professionals can provide more details to help you decide which is best for you.
Traditional Long Term Care Insurance – You pay an annual premium, and if you need long term care due to a cognitive or physical impairment, the policy pays for your care. Traditional LTC insurance policies make up about half of all long term care policies sold.
Hybrid Long Term Care Insurance – Hybrid long term care policies combine the benefits of life insurance, or an annuity, with long term care benefits. You can buy a hybrid long term care insurance policy by paying a one-time lump sum premium, or over a set period of time.
If long term care is never needed, the policy works much like a traditional life insurance policy. It would then pay a death benefit to your beneficiary when you die. And the death benefit is often similar to the amount paid for the policy. But if you need long-term care, the amount of money available can exceed the death benefit or long term care annuity value, often several times over, offering tremendous leverage of premium dollars.
The Best Age to Buy Long Term Care Insurance
Like most advisers, we recommend buying long term care insurance in your fifties or early sixties. The primary reasons for this recommendation are:
- The younger you are when you buy a policy, the lower the annual premiums.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
- Even though you’ll pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
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.
West Virginia Long Term Care Costs
West Virginians need to know long term care costs when planning for future long term care needs. Because your local cost of care is one of the best indicators for selecting how much long term care insurance you need.
The most recent study on the cost of long term care is by the Fortune 500 company, Genworth Financial. Their 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers.
Here is the current cost of long term care in West Virginia:
West Virginia 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)|
|West Virginia State Median||$132,860||$123,370||$43,425||$38,896|
|Rest of State||$132,495||$123,370||$40,200||$37,180|
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.
Long term care insurance policies sold under the West Virginia Long-Term Care Insurance Partnership Program are known as Partnership Policies.
WV Long Term Care Partnership 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. And there are no Hybrid LTC options with Partnership Policies.
So we recommend that consumers compare West Virginia LTC Partnership policies with non-Partnership policies. To clearly understand the differences, it’s best to work with an agent specializing in long term care insurance.
Long Term Care Partnership Reciprocity
Consider the person who 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 moving 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 Partnership Policy before relocating.
How Much Does LTC Insurance Cost in West Virginia?
How much does long term care insurance cost in West Virginia? Your insurance premiums will depend on your age and health history at the time you buy the insurance. In general, the younger and healthier you are the lower the cost. Your long term care insurance cost will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- 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 West Virginia
West Virginia 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’s a list of the best long term care insurance companies in West Virginia:
Compare WV Long Term Care Insurance Cost and Options
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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