Last Updated November 5, 2019

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Florida Long Term Care Insurance, Premium Costs, Partnership Program, & Quotes 

Florida is one of the four most populous states in the nation, with over 19 million residents and a senior population exceeding 3.3 million (the densest concentration of senior citizens in the country). This has led to a spike in demand for long term care services at nursing homes, assisted living facilities, as well as home health care. It’s no wonder that the Sunshine State spends more than $11 billion each year on long term care-related expenses.

Planning ahead for future long-term care needs is one of the biggest issues facing Floridian families today. Many people have witnessed first-hand as their loved ones got admitted into nursing homes and other facilities at a devastating cost to the family. In the Sunshine State, it costs over $108,770 to pay for a private nursing home room each year. Given that the average long-term care event takes about 3 years (108,770 x 3 = $326,310), this would put a lot of financial and emotional stress on your family. 

We all purchase auto, health and home insurance. But the likelihood of needing long term care is much higher (70% likelihood for Americans aged 65 and above). Buying long term care insurance or a combination long term care annuity will help protect your savings and assets from depletion. Arming yourself with a suitable LTC policy will also protect your loved ones from financial and emotional stress if and when you need care.

Planning ahead by purchasing long term care insurance protects your peace of mind and guarantees that you (or your loved one) will receive quality care when it is needed.

At LTC Tree, we have been helping Florida citizens compare options and make the best choice regarding long term care insurance. We work with individuals, spouses, as well as children who are looking to purchase a policy for their aging parents.

Does Medicare Cover LTC Expenses in Florida?

Medicare – the federal health insurance program for senior citizens (over 65 years) and younger people with disabilities – doesn’t pay for most LTC services. In particular, Medicare will not pay for custodial care, which makes up to 90% of long-term care. People who have challenges with activities such as eating, bathing, walking, dressing, and toileting need custodial care.

Types of Long Term Care Insurance in Florida

  • Traditional policies – the cost of traditional LTC policies depend on your age, current health, and selected policy features such as elimination period and inflation protection. While these policies can be quite expensive, they do not require the lump sum cash outlay required by newer products in the industry. On the downside – the sum value of the policy will be lost if you DO NOT need long term care. These plans are also subjected to errant premium increases, which has made them less popular in yesteryears.
  • Hybrid policies – combination (hybrid) LTC policies typically require a single lump-sum premium deposit. These plans are usually a combination of permanent life insurance with an LTC rider or an annuity with an LTC rider. The main advantage of a hybrid policy is that if you never need care, then your dependents get back as much money as you contributed. There are dozens of these policies available from different companies to suit the needs of Florida citizens.

Best Long Term Care Companies in Florida

Floridians have an abundance of choice when it comes to choosing a long term care insurance provider. Based on our past data and evaluation, the following top companies offer competitive long term insurance policies at the most attractive prices.

  1. Transamerica
  2. Mass Mutual
  3. Genworth
  4. Mutual of Omaha
  5. New York Life
  6. Prudential
  7. Federal LTC Insurance Program v2. 0

Over the last 2 decades, LTC Tree insurance specialists have helped thousands of Florida residents choose an insurance policy that best fits their budget and situation. You can work with our team to find the right choice for your family’s long term care needs.

Florida Long Term Care Insurance Partnership Program

Florida’s LTC state partnership was designed to educate and encourage residents to plan for the future by purchasing long term care insurance. This program – which is a public-private partnership between the state and private insurers – links certified policies with Medicaid to provide asset protection.

The Florida Partnership for Long Term Care provides citizens who purchase certified policies with the right to apply for Medicaid under altered eligibility rules. This includes a special feature known as ‘asset disregard’ that will allow the policyholder to successfully apply for Medicaid while maintaining personal assets that are above the usual threshold. The amount of assets disregarded equals the value of benefits received under your qualified LTC policy.

For instance, if you activate your LTC policy and receive $300,000 worth of benefits, you can apply for Medicaid to continue providing coverage for your care. If you are eligible, the state will allow you to qualify for coverage while retaining $300,000 worth of assets above the usual Medicaid threshold of $2,000.

Because partnership approved policies have mandatory inflation protection, the total amount of benefits you receive from your coverage may be more than the originally insured amount.  

Florida long term care partnership policy benefits

  • Daily/monthly benefit
  • Covers comprehensive care at home, nursing homes, adult daycares, and other facilities
  • Choice of deductible or elimination period
  • Discounts
  • Pool of money (benefit period)

Partnership vs non-partnership policies

The main factor differentiating partnership from non-partnership policies is the mandatory age appropriate inflation protection. For qualified partnership policies, this feature allows an automatic increase of your benefits in line with the increasing cost of care. For individuals aged 60 years or below, the partnership policy will provide automatic compound inflation. For applicants aged 61 – 75, inflation protection should be either simple or compound. For those aged 76 or older, inflation protection is discretionary.

Florida long term care insurance reciprocity

Florida has a membership in the National Reciprocity Compact for Medicaid asset protection with states that have partnership LTC programs. If you buy a certified LTC plan in another state under their partnership program, then you’ll not lose asset protection when you move to Florida. The Sunshine State also recognizes accumulated asset protection in case you already received benefits under your partnership policy before you move to Florida.

Get Your Plan

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 through the Florida Long Term Care Insurance Partnership Program that is right for you, no matter your age or financial status. If you would like to learn more about our affordable Long Term Care Insurance policies, simply fill out our request form.  

Florida Long Term Care Costs

Florida residents who are interested in planning their financial future should be familiar with the cost of long term care in various areas of the state. Based on the 2018 cost of care survey by Genworth Financial, here are the annual long term care costs in various regions of the Sunshine State.

Long Term Care Cost Florida – 2018 (Annually)
State Median $108,770 $97,820 $17,550 $42,000 $46,904
Miami Area $118,625 $104,390  $16,900 $40,200 $41,184
Cape coral area $106,580 $99,645 $18,850 $48,000 $52,624
CrestView area $104,025 $94,900 $19,500 $50,340 $48,048
Deltona area $107,310 $95,813 $17,550 $46,200 $49,764
GainesVille  $127,750 $96,725 $16,640 $45,300 $45,760
Homosassa Springs $109,500 $93,623 $49,500 $44,456
Jacksonville $97,455 $85,410 $24,960 $53,100 $51,480
Lakeland area $109,135 $99,645 $16,380 $33,690 $41,184
Naples area $151,475 $123,826 $65,370 $54,912
North Port area $118,625 $104,025 $22,880 $46,485 $52,624
Ocala $107,675 $89,425 $16,900 $39,300 48,048
Orlando area $106,398 $97,273 $15,600 $39,300 $48,048
Palm Bay area $104,755 $100,375 $16,900 $45,000 $45,760
Panama city $102,565 $89,425 . $50,400 $52,624
Pensacola area $105,120 $93,805 $16,900 $49,149 $43,472
Port St.Lucie $105,485 $93,075 $18,200 $43,440 $45,760
Punta Gorda $112,785 $102,018 $20,800 $40,800 $52,624
Sebastian area $110,413 $100,010 $15,600 $42,288 $50,336
Sebring $103,113 $85,775, $16,900 $36,450 $45,760
Tallahassee $109,500 $93,805 $14,950 $52,065 $49,192
Tampa area $115,705 $99,828 $22,880 $39,000 $49,146
The Villages $102,383 $96,908 $19,500 $60,375 $48,048
Rest Of State $98,003 $87,600 $16,900 $36,000 $45,760


Florida Long Term Care Premium Costs

Different LTC companies sell their plans at different prices. Other factors that affect the cost of premiums include the following:

  1. Age – the younger you are, the cheaper the premiums you have to pay for your Florida LTC policy.
  2. Daily Benefit – this is the maximum amount that a policy will pay out for one day of care.
  3. Benefit Limit – this is the duration of time (in years) through which the policy will pay out benefits.
  4. Inflation Protection – LTC insurance plans with inflation protection tend to attract steeper premiums.
  5. Elimination Period – this is the duration of time through which policyholders pay for care out of pocket before the insurance plan kicks in.
  6. Tax Benefits – depending on your filing status, some or all of your premiums may be tax-deductible.

LTC Tree insurance specialists will help you find a policy that offers the best terms at the most attractive premium rate. Our process entails delivering competing quotes from the top insurers in the state and helping you land marriage discount and other discounts that can drastically reduce the cost of your premiums.


Florida Long Term Care FAQs

What is the best age for buying LTC insurance?

We recommend that you purchase long term care insurance while you’re in your fifties or early sixties (at the latest). Keep in mind that the younger you are, the lower the premiums. Also, you’re more likely to suffer from medical conditions that nullify your eligibility for the preferred health discount, which can make your policy much more expensive. The point is to get insured as soon as you can, especially if you’re over the age of 50. You don’t want to wait until after you need care to start scrambling for solutions.

What does LTC insurance cover?

Long term care insurance is a comprehensive option may cover quality care at home, in a nursing home, adult daycare, or assisted living facility. Keep in mind that for patients who are receiving care in nursing homes and assisted living facilities, these policies do not cover the cost of housing. Some policies have provisions for covering future services that aren’t developed yet.

What’s the cost of LTC insurance in Florida?

There’s no standardization for long term care plans in Florida. Different policies from different companies – and with varying features – have different prices. For instance, a 55-year old Floridian who’s looking for a standard plan that can deliver over $170,000 in benefits may have to pay about $1,000 in premiums each year. Someone aged 65 years and looking for a total benefit pool of $276,000 would pay around $3,275 in annual premiums. LTC Tree insurance specialists can help you pinpoint a policy that best fits your budget and unique circumstances.

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1 Reviews of each company's financial stability ratings, claims experience, and size.

2 A side-by-side comparison of each company's policy features. We cover the similarities and the differences.

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