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Virginia Long Term Care, Costs, Partnership Program, Insurance, Premiums & Quotes

Long term care entails a wide range of services such as help with daily tasks as well as support managing an illness. This kind of care is provided for an extended duration when an individual is not able to execute activities of daily living. Long term care may be provided in a person’s home, residential settings, community sites, or nursing homes. Because two thirds of Americans will need this kind of care after they reach the age of 65, it is important to include long term care needs in your retirement plan. Many people have witnessed first hand as their loved ones struggled for options at one of the most frail periods in their life. By arming yourself with adequate LTC coverage, you not only secure the peace of mind that you’ll receive quality care, but also protect your family members from the financial and emotional stress of having to be caregivers.

Virginia is home to over 8.5 million people, making it one of the most populous states in the US. Over 1 million residents are aged 65+. Many of these are individuals who will need long term care at one time or the other. The aging baby boomer generation in the Old Dominion State has led to an increase in demand for long term care services – putting economic stress on both families and the state as well. In 2016, the state’s total Medicaid spending amounted to about $8.56 billion.

Long Term Care Awareness

A recent study found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers. And, given that the Department of Health and Human Services estimates that 2/3 of all Americans will need long-term care at some point after they pass age 65, this does, indeed, constitute a crisis. Thus, many Americans are now at risk of having to exhaust their nest egg or rely on their children or other relatives to care for them in retirement should they become unable to care for themselves.

Long Term Care Insurance

Paying for long term care services out of pocket may be an option for wealth Virginians. Keep in mind though that the average cost of a private nursing home room in this state is $102,200. Given that the average duration of a long term care event is 3 years, you’d need to spend at least $306,600 from your assets and personal income. The reality though is that this kind of money is out of reach for most Virginians.

For Virginians who do not have a high net worth, insurance happens to be the best option to protect against the devastating cost of long term care. Purchasing coverage will secure your peace of mind, protect your family from emotional and financial strain, and ensure that you receive quality care in a facility of your choosing. Long term care insurance is typically available in the following two options:

  • Traditional LTC insurance – traditional long term care requires you to make annual premium deposits in exchange for coverage. Should you need long term care, then the policy will pay out daily or weekly benefits. Traditional long term care insurance has become less popular in yesteryears due to rampant premium increases. Many people are also not happy with the use-it-or-lose-it approach associated with policy arrangement.
  • Hybrid LTC insurance – hybrid long term care insurance has become much more popular in recent years. This is usually a permanent life insurance or annuity that is combined with a long term care rider. Should you need long term care, then the policy will pay out benefits. If you do not need care, then a death benefit will be paid out to your beneficiaries upon your demise. This practically overcomes the use-it-or-lose-it challenge associated with conventional long term care insurance. Most hybrid policies require you to make a single lump sum deposit in order to subscribe to the policy.

Living in Virginia, residents have the choice of around 17 great Long Term Care Insurance companies that can help protect savings in the event of needing Long Term Care services. With this many companies to choose from, and the added security from the Partnership program, Long Term Care insurance should be a key part of Virginia residents’ retirement plans.

Most Popular Long Term Care Companies in Virginia

  1. Genworth
  2. Mutual of Omaha
  3. Mass Mutual
  4. Transamerica
  5. United of Omaha 
  6. Federal 
  7. Prudential
  8. GNW

Virginia Partnership for Long Term Care

The Virginia Long Term Care Partnership program was launched in September 2007. It is a joint partnership between the state’s Medicaid program and private insurance companies. The Virginia Long  Term Care Partnership Program is designed to provide Virginia residents with an incentive to buy a Long Term Care insurance policy and better protect their assets. By purchasing a Long Term Care insurance policy through the Virginia Long Term Care Partnership program, Virginians are protected both by their private policy and eventually, if needed, by Medicaid.

This innovative solution was designed to curtail the crisis of lack of Long Term Care Insurance coverage in Virginia – especially because awareness of the need for Long Term Care Insurance remains disturbingly low. Through the LTC partnership, the state aims to reward those who do their part in planning for future long term care costs. The Program offers a dollar-for-dollar asset protection match for those who purchase a Long Term Care Insurance partnership program policy. This enables participants to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid’s long-term care coverage.

A typical scenario would be: A partnership policyholder uses $100,000 in coverage from their policy and has $100,000 in additional savings and assets. This policyholder is then allowed to exclude their $100,000 in assets from the Medicaid qualification process thereby protecting these assets from loss. Inflation Protection – which is included in the policy – offers options that adjust the policy’s benefits to keep up with the rising costs of long-term care.

Below is a list of companies offering Virginia-approved Long Term Care Insurance Partnership Program policies:

  • Approved for sale in Virginia from 1992:
  • Allianz Life Insurance Company of North America,
  • American Family Life Assurance Company of Columbus,
  • American Fidelity Assurance Company,
  • American Network Insurance Company,
  • Auto-Owners Life Insurance Company,
  • Bankers Life and Casualty Company,
  • Insurance Company of America,
  • Combined Insurance Company of America,
  • Continental General Insurance Company,
  • CUNA Mutual Insurance Society,
  • Equitable Life & Casualty Insurance Company,
  • Genworth Life Insurance Company,
  • Golden Rule Insurance Company,
  • Great American Life Insurance Company,
  • Guarantee Trust Life Insurance Company,
  • John Hancock Life Insurance Company (U.S.A.),
  • Lafayette Life Insurance Company
  • Massachusetts Mutual Life Insurance Company
  • MedAmerica Insurance Company,
  • Metropolitan Life Ins. Company,
  • Minnesota Life Insurance Company
  • Mutual of Omaha Insurance Company,
  • National Life Insurance Company
  • New York Life Insurance Company,
  • Northwestern Long Term Care Insurance Co,
  • Penn Treaty Network America Insurance Company,
  • Provident Life and Accident Insurance Company,
  • Prudential Insurance Company of America,
  • Southern Farm Bureau Life Insurance Company,
  • State Farm Mutual Automobile Insurance Company,
  • Teachers Protective Mutual Life Insurance Co.
  • Transamerica Life Insurance Company,
  • United American Insurance Company,
  • United of Omaha Life Insurance Company,
  • Unum Life Insurance Company of America

Start planning today for your future and securing all that you’ve worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy through Virginia’s Long Term Care Insurance Partnership Program. LTC Tree can help you find a plan that is right for you, no matter your age or financial status. If you’d like to learn more about our affordable Long Term Care Insurance policies, simply fill out this form.

Virginia Long Term Care Costs

It is important to know about the cost of long term care services in Virginia so you can create an effective plan for the future plan. Based on a comprehensive study carried out by Genworth Financial, this is what long term care costs in different regions of the Old Dominion state.

Genworth’s 2018 Annual Cost of Long Term Care in Virginia
State Median $102,200 $89,425 $18,200 $53,415 $48,048
Blacksburg area $92,528 $85,775 $14,430 $56,340 $50,222
Charlottesville area $94,900 $86,870 $20,800 $54,924 $53,768
Harrisonburg $115,705 $102,930 $14,690 $49,200 $42,328
Lynchburg $85,928 $76,624 $16,900 $44,340 $47,934
Richmond $110,595 $94,999 $17,420 $60,570 $45,760
Roanoke $108,040 $96,360 $18,850 $49,650 $45,188
Staunton area $98,550 $87,965 $20,800 $51,000 $48,048
Virginia Beach Area $101,105 $93,258 $18,720 $56,106 $43,472
Winchester $127,568 $121,545 $15,860 $55,350 $46,332
Rest Of State $90,947 $80,300 $14,820 $38,850 $40,612


Virginia Long Term Care Premium Costs

The cost of long term care insurance in Virginia is influenced by multiple factors. To start with, premiums tend to be cheaper the younger and healthier you are when buying insurance. The cost of LTC insurance in the Old Dominion state is also influenced by policy-specific factors such as the Benefit Period, Daily Maximum Benefit, Inflation Protection, and the Elimination Period that you choose.

Sample Premium Calculations for Long Term Care Coverage in Virginia

We did a few sample premium calculations for Virginians of different ages to give you an impression of how much insurance costs. These calculations assume that you select a Daily Maximum Benefit amount of $200, a Benefit Period of 3 years, and an elimination duration of 90 days.

→ At Age 50

  • Single Male, 50 years old, will contribute $1,894 each year
  • Single Female, age 50, will pay $2,277 annually
  • Couple, both age 50, will pay a combined premium amount of $3,292 annually

→ At Age 55

  • Single Male, 55 years old, will contribute $1,967 each year
  • Single Female, age 55, will pay $2,381 per annum
  • Couple, both age 55, will pay a combined premium amount of $3,308 annually

→ At Age 60

  • Single Male, 60 years old, will contribute $2,070 each year
  • Single Female, age 60, will pay $2,963 per year
  • Couple, both age 60, will pay a combined premium amount of $3,390 annually

→ At Age 65

  • Single Male, 65 years old, will contribute $2,627 per year
  • Single Female, age 65, will pay $3,921 each year
  • Couple, both age 65, will pay a combined premium amount of $4,453 annually

From these sample calculations, it’s easy to see that long term care premiums in Virginia increase with age. Couples can also land massive long term care insurance discounts when they purchase their policy jointly. LTC Tree has helped countless Virginians find and purchase a policy that is best suited to their budget and circumstances. We help our clients shop from the top insurers in the state and find a plan that offers the best benefits at an attractive price.

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