Last Updated November 5, 2019

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Ohio Long Term Care, State Partnership for LTC Insurance, Premium Costs & Quotes 


One of the most populous states in the country – Ohio is home to over 11.69 million residents. Roughly 1.7 million of these are senior citizens who are 70% more likely to need long term care at one time or the other. Thus, there’s ever increasing demand for long term care services at nursing homes, assisted living facilities, as well as home health care.

Planning ahead for future long term care needs is an integral part of any retirement plan – especially because 7 out of every 10 Americans will need long term care at some point after they pass the age of 65. Ohioans who do not plan ahead for long term care risk exhausting their nest egg and having to rely on their children or relatives to care for them in retirement – should they become unable to care for themselves.

The Buckeye State spent over $6.1 billion on Medicaid alone as far back as 2011. As baby boomers enter retirement, these expenses will continue to rise. Long Term Care insurance is the solution for easing the potential economic strain this expenditure could place on private and public finances. There are about 17 different Long Term Care insurance companies that Ohioans can choose from.

Types of LTC Policies

Long term care insurance is usually available in one of two policy types:

  • Traditional – traditional LTC policies provide flexible coverage that can pay for your care over an extended time duration. Policy buyers have the flexibility to select the kind of coverage they need, and premiums are usually tax-deductible. Perhaps the main disadvantage is that premiums are subject to rate increases. The use-it-or-lose-it nature of traditional LTC insurance also does not appeal to some Ohioans.
  • Hybrid – hybrid long term care combines permanent life insurance with a long term care rider. These policies often require a single, lumpsum premium deposit. If you need long term care, then the policy will cover your expenses. If you do not need care though, then the policy will pay out a death benefit to your beneficiaries. Unlike traditional LTC insurance, hybrid plans are not subjected to rate increases. Hybrid policies are more popular compared to traditional policies nowadays because they offer maximum value on the premium.

Most Popular Long Term Care Companies in Ohio

1) Genworth
2) Mutual of Omaha
3) Transamerica
4) Mass Mutual
5) New York Life
6) Prudential
7) United of Omaha
8) Northwestern Mutual

Ohio Long Term Care Partnership

Ohio, like many other states, developed an innovative solution to the crisis of lack of Long Term Care Insurance coverage for its residents. In 2007, the state legislature established the Ohio Long Term Care Partnership program. This program helps to Ohioans in the event that they outspend their private insurance coverage. Residents who purchase a ‘partnership policy’ receive dollar-for-dollar asset protection after they exhaust their long term care insurance.

Let’s say you purchase a partnership approved insurance policy, which kicks in and starts paying out benefits after you need long term care. If your policy pays out maximum benefits of $300,000, then your assets will be protected to the same amount. This essentially means you’ll be able to successfully apply for Medicaid while reserving $300,000 in assets. It’s normal to see how beneficial this is given that the usual Medicaid asset limit in Ohio is $2,000.

Residents of Ohio are able to participate in the Partnership for Long Term Care Insurance Program via a number of policy options that meet certain State-mandated criteria. Through this program, the state of Ohio aims to encourage residents to do their part by insuring from long term care expenses. Ohioans without a partnership policy who need Medicaid long-term care services must deplete almost all of their assets to qualify for the Medicaid program.

Highlights and requirements of Ohio’s LTC Partnership Program

  • Medicaid Asset Protection
  • Long-term care insurance policies that offer enhanced inflation protection

→ For ages 60 or younger – includes a compound inflation benefit (a minimum of three percent compound or consumer price index)

→ For ages 61 – 75 includes some form of an inflation benefit (a minimum of three percent simple or consumer price index)

→ For ages 76 and older no purchase of an inflation benefit is necessary Ability to exchange certain policies purchased on or after August 12, 2002 for a qualified partnership policy.

  • Reciprocity with states interested in allowing buyers to claim Medicaid Asset Protection in a state other than the one in which the Partnership was purchased. Support toward the ability to access Medicaid even when the partnership policy is not exhausted.

The “inflation protection” feature and reciprocity are crucial here. Inflation protection ensures that your policy will pay out in tomorrow’s dollars and that your covered for the care you need. Reciprocity protects you if you move to another State. More information on the Ohio Partnership Program can be found via this “Fact Sheet” and a list of approved agents can be found here.

You can start planning today for your future long-term care needs and securing all that you’ve worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy. LTC Tree can assist you in finding a plan that’s right for you through the Ohio Partnership for Long Term Care Insurance. If you’d like to learn more about our affordable Long Term Care Insurance policies, simply fill out this form.


Ohio Long Term Care Costs

Understanding the cost of long term care in Ohio is important so you know how much insurance you should purchase. The state’s median cost for care received at a private nursing home room is $94,900. Given that the average long term care event stretches over 3 years, this would amount to a massive expenditure. Furthermore, the cost of care in Ohio is increasing at an average rate of  3 percent per annum. 


Genworth’s 2018 Annual Long Term Care Cost in Ohio 
State Median $94,900 $85,410 $15,860 $51,336 $49,192
Akron $103,660 $92,801 $13,910 $54,720 $45,760
Canton Area $91,250 $85,410 $11,700 $45,570 $49,192
Cincinnati $98,550 $90,338 $18,720 $59,970 $50,336
Cleveland area $98,550 $89,790 $15,080 $40,800 $50,336
Columbus $102,565 $87,965 $18,720 $50,040 $50,336
Dayton $106,945 $92,710 $16,250 $63,600 $52,624
Lima $98,550 $85,410 $15,600 $49,740 $48,048
Mansfield $87,235 $76,285 $13,000 $54,360 $48,048 
Springfield $88,330 $79,205 $14,950 $37,110 $48,048
Toledo $94,900 $82,490 $14,300 $51,600 $49,192
Youngstown area $89,425 $80,300 $15,600 $43,200 $44,044
Rest Of State $90,155 $77,563 $16,380 $48,600 $45,760


Ohio Long Term Care Premium Costs

The cost of LTC insurance in Ohio will vary depending on a number of factors. Premium rates tend to be lower when you are younger and healthy. Other factors affecting the pricing of long term care insurance premiums include the following:

  • Benefit period – this is the duration of time (in years) throughout which the policy pays out benefits. A longer benefit period will attract higher premium rates. 
  • Daily maximum benefit – refers to the dollar amount that your long term care policy reimburses for qualified care each day. If you select a higher daily benefit amount, then you’ll pay more in LTC premiums. 
  • Elimination period – period between when you start receiving long term care and when your insurance policy starts paying out benefits. The longer the elimination period, the cheaper the premium rates.
  • Inflation protection – when selected, this policy feature ensures that the benefits you receive (should you need care) are at par with the cost of care at the time. Policies that have inflation protection cost more. 

Sample Premium Calculations (2018) 

Let’s calculate a few sample premiums based on 2018 records to understand how age affects the pricing of LTC insurance. These calculations assume that the policyholder selects a maximum daily benefit of $200, a 90 day elimination period, and a 3 year benefit period. 

At age 50

  • Single male, pays $1,894 each year
  • Single female, pays $2,277 annually 
  • Couple, both age 50, will pay a combined $3,291 in annual premiums 

At age 55

  • Single male, pays $1,967 each year
  • Single female, pays $2,381 annually 
  • Couple, both age 55, will pay a combined $3,308 in annual premiums 

At age 60

  • Single male, pays $2,070 each year
  • Single female, pays $2,963 annually 
  • Couple, both age 60, will pay a combined $3,390 in annual premiums 

At age 65

  • Single male, pays $2,627 each year
  • Single female, pays $3,921 annually 
  • Couple, both age 65, will pay a combined $4,453 in annual premiums 

What is the best age to purchase long term care insurance?

LTC Tree recommends that you purchase long term care insurance when you’re in your fifties or early sixties. Here’s why:

  • Policies tend to be cheaper when you are younger
  • If you wait till you reach the mid-sixties, there’s a likelihood you’ll have a medical condition that makes it harder to get affordable or any coverage at all 
  • Although you’ll start paying premiums earlier, you’ll end up paying less than someone who purchases a long term care policy when they are much older 

If you have thought about long term care and saw it fit to plan ahead, the best time to buy insurance is now. Keep in mind also that by purchasing jointly with your spouse, you can secure a massive marriage discount.

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