Long Term Care Insurance Ohio | Genworth Financial
Studies from the U.S. Department of Health and Human Services indicate that about 70 percent of people over age 65 will require some type of long-term care services during their lifetime. However, the need for long term care does not only impact seniors as 40 percent of people currently receiving long term care services are ages 18 to 64.
One of the most comprehensive studies on the cost of long term care is conducted annually by Genworth Financial. The Genworth 2016 Cost of Care Survey encompasses national long term care costs by region and surveyed over 15,000 long term care providers in 440 regions. Long term care costs in Ohio are important for Ohio residents to know as the local cost of care is a key factor in determining how much long term care protection should be included in your financial plan.
|Region||Nursing Home (private room)||Nursing Home
|Assisted Living Facility
|Home Health Aide (44 hours/wk)|
Long Term Care Insurance Ohio Partnership
The Long Term Care Insurance Ohio Partnership is a special program combining private long term care insurance with special access to Medicaid. The Long Term Care Insurance Ohio Partnership allows Ohio residents to shield a portion or all of their wealth (assets) and still be able to qualify for Medicaid if their long term care needs extend beyond what is payable by their private long term care insurance policy.
The private long term care insurance companies are mandated by the Long Term Care Insurance Ohio Partnership to offer specific benefits which can help take the guesswork out of designing a long term care insurance policy. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The private long term care insurance policies sold in conjunction with the Long Term Care Insurance Ohio Partnership are commonly referred to as “Partnership policies”.
Long Term Care Insurance Ohio Partnership Policy
A Long Term Care Insurance Ohio Partnership policy costs about the same as other policies when designed with similar benefits. It’s worth noting that the mandated features of a Long Term Care Insurance Ohio Partnership policy can sometimes limit flexibility in benefit design. For this reason, it may be beneficial to consider a non-Partnership policy in some situations as a wider range of choices may be available and more suitable to a particular situation. An agent specializing in long term care insurance in Ohio can advise you in this regard.
Long Term Care Insurance Ohio Partnership Reciprocity
The State of Ohio is a member of the National Reciprocity Compact for granting of Medicaid asset protection with other states that have Partnership long term care programs. If you purchase a qualifying long term care insurance policy in another State under their Long Term Care Partnership program, you will not lose your asset protection if you move to Ohio. The State of Ohio will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before you move to Ohio. The following link will take you to a good resource on the Long Term Care Insurance Ohio Partnership Program and reciprocity with Partnership Programs in other states.
How To Obtain A Long Term Care Insurance Ohio Policy
Long Term Care Insurance Ohio Partnership policies are offered by a number of insurance companies. Our agents representing Long Term Care Insurance Ohio Partnership policies have a special certificate of training that is required by the State of Ohio. The best way to obtain information is through an agent specializing in long term care insurance that also represents multiple top-rated companies. Following is a list of some of the major carriers we represent:
- Genworth Financial
- Transamerica Life Insurance Company
- John Hancock Life Insurance Company
- Lincoln Financial Group (Lincoln MoneyGuard)
- MedAmerica Insurance Company
- Mutual of Omaha Insurance Company
- LifeSecure Insurance Company
- The State Life Insurance Company (OneAmerica)
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We’ve specialized in Long Term Care planning solutions since 1990 and will give you professional and unbiased advice so you can decide if Long Term Care Insurance is right for your situation. We shop all the major long term care insurance companies in Ohio and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- Benefit comparisons of each company’s policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s ratings, size and claims experience.
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