GA Average daily benefit purchased: $ 139 per day.

Georgia is home to over 9.6 million people, and one of the top ten most populous states in the US. With over 1 million residents aged 65 or older (according to the 2010 US Census), it is one of the larger state consumers of Long Term Care services such as home health care and care in Nursing Homes and Assisted Living Facilities. This high number of seniors in the Peach State will increasingly need and use Long Term Care putting economic stress on both families and the state. In 2011, Georgia’s Long Term Care Medicad expenses alone were over $2 billion. What’s more, Georgia has the fifth highest rates for home health care in the nation, making long term care particularly expensive for Georgians.

Long Term Care Insurance is an important retirement planning tool, and Georgians have the choice of around 17 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.

The Georgia Long Term Care Partnership program is a joint partnership between the state’s Medicaid program and the insurance companies. It is administered by the Georgia Department of Community Health in collaboration with the Office of the Commissioner of Insurance and the Department of Human Resources. The Partnership program was designed to help Georgians protect their assets by providing an incentive to buy a Long Term Care Insurance policy. This public-private partnership creates an innovative program offering individuals quality, affordable long-term care insurance and a way to receive needed care without depleting all their assets.Those who purchase a Long Term Care insurance policy through the Georgia Long Term Care Partnership program are protected both by their private policy and eventually, if needed, by Medicaid.

Most Popular Long Term Care Companies in Georgia

  • 1) Genworth
    2) Mutual of Omaha
    3) Genworth Privileged Choice Flex 2
    4) Mutual of Omaha Mutual CarePlus
    5) Transamerica
    6) Mass Mutual
    7) Genworth Privileged Choice Flex
    8) Mutual of Omaha Mutual Care Plus
    9) Genworth Privileged Choice Flex2
    10) John Hancock Custom Care III2012
    11) Transamerica TransCare II 2012
    12) Mutual of Omaha MutualCareSecure Solution
    13) Mutual of Omaha MutualCare SecureSolution
    14) New York Life LTC SelectPremier 5. 5
    15) MedAmerica

Most Insured Cities in Georgia

  • 1) Atlanta – last quote: $100/day
    2) Marietta – last quote: $150/day
    3) Decatur – last quote: $150/day
    4) Alpharetta – last quote: $150/day
    5) Roswell – last quote: $150/day
    6) Snellville – last quote: $150/day
    7) Acworth
    8) Columbus – last quote: $150/day
    9) Lawrenceville – last quote: $150/day
    10) Savannah – last quote: $150/day
    11) Smyrna – last quote: $100/day
    12) Augusta – last quote: $200/day
    13) Woodstock – last quote: $150/day
    14) Cumming – last quote: $150/day
    15) Peachtree City – last quote: $150/day

More on Georgia

The state of Georgia, has developed a program to help fix the problem of lack of Long Term Care Insurance coverage for its residents.  This crisis in long-term care is a national phenomenon, however, and not specific to Georgia.  Georgia’s population is aging and awareness of the need for Long Term Care Insurance remains low.  Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves and is not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.

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 relative to care for them in retirement should they become unable to care for themselves.

Residents of Georgia are invited to participate in the Georgia Long Term Care Insurance Partnership Program which is public and private partnership that offers individuals quality, affordable long-term care insurance and a way to receive needed care without depleting all their assets .  Georgia, like many states, aims to reward those who do their part in solving this crisis of Long Term Care Insurance by planning ahead and protecting themselves and their assets.

Basically, it works like this: purchasers of partnership policies are eligible for Medicaid asset protection which means that for every dollar that a Partnership policy pays out in benefits, a dollar of assets can be protected (disregarded) from the long-term care Medicaid asset limit.  The protected assets will also be exempted from Estate Recovery in amount equal to the benefits paid by the Partnership policy.  This enables partnership policyholders 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.

Highlights of the plan include:

  • Partnership Policies are tax qualified and offer inflation protection
    Partnership policies will be tax qualified plans under federal law and provide inflation protection benefits for purchasers.
  • Compound annual inflation protection for those under 61
    Partnership policies provide compound annual inflation protection for individuals less than 61 years of age as of the date of purchase.  This is one of the distinguishing features of a Partnership policy and also the inflation protection is a valuable benefit regardless of whether policy is a Partnership policy.
  • Inflation protection even for those between 61-75
    Partnership policies provide some level of inflation protection for individuals at least 61 years of age, but less than 75 years of age on date of purchase.
  • Inflation protection possible even for those 76 and older
    Partnership policies may provide inflation protection, but is not required, to individuals 76 years of age as of the date of purchase.
  • Some policies cover home and community-based services
    Some Partnership policies cover home and community-based services.  Individuals should consider looking into a policy that pays for these types of services.
  • As with all Long Term Care Insurance policies, the younger you buy the better
    A Partnership policy is ideal for someone who will not be able to afford the high cost of long-term care, but who can afford the reasonable cost of long-term care insurance.  The younger individuals are when purchasing a long-term care insurance policy, the less expensive it is.
  • Ideal for those with substantial assets or resources
    individuals who have accumulated resources by saving or investing may be the best candidates for a Partnership policy.

Georgia Long Term Care Costs

What is the cost of long term care services in Georgia? It is important to be familiar with the cost of care at nursing homes,  assisted living facilities, and adult day care centers in your Georgia region. This will help you purchase the right amount of insurance, or create a long term care plan that is suitable for you.

Here’s a breakdown of Long term care costs in various Georgia areas – based on Genworth’s 2018 Cost of Care Survey.

Annual Cost of LTC in Georgia (2018)
State Median $81,213 $75,103 $15,600 $37,200 $45,760
Albany $86,870 &81,760 $20,020 $27,840 $43,472
Athens area $76,650 $73,000 $15,600 $40,200 $43,472
Atlanta area $84,680 $81,030 $20,540 $40.680 $45,760
Augusta area $78,475 $72,270 $17,550 $35,400 $45,760
Brunswick $75,373 $71,175 $6,500 $49,740 $50,336
Columbus $74,095 $72,460 $15,925 $33,000 $42,328
Dalton $93,440 $87,235 $17,550 $48,420 $41,184
Gainesville $75,738 $74,643 $15,080 $42,000 $50,336
Hinesville $72,088 $69,350 $10,400 $45,760
Macon Area $87,600 $82,490 $15,600 $41,802 $40,040
Rome $72,000 $72,000 $38,400 $45,188
Savannah $75,555 $71,723 $13,772 $33,600 $50,336
Valdosta $90,703 $86,140 $13,000 $36,000 $38,324
Warner Robins $84,863 $75,555 $27,600 $46,332
Rest of State $76,194 $70,993 $13,000 $30,240 $41,184

Georgia Long Term Care Insurance Cost

The cost of long term care insurance in Georgia is influenced – first and foremost – by your age and health. Policies tend to be cheaper the younger and healthier you are. Specific policy choices that you make regarding the daily maximum benefit amount, benefit period, inflation protection and elimination duration also have a profound impact on the cost of premiums.

Below is a sample calculation of long term care insurance premiums for Georgians of different ages

These calculations assume that the policy buyer selects a daily maximum benefit amount of $300, a benefit period of 3 years, and a 90 day elimination period.

→ At Age 50

  • Single Male, 50 years old, will pay $1,894 per year
  • Single Female, 50 years old, will contribute $2,277 each year
  • Couple, each at age 50, will pay a combined $3,291 annually

→ At Age 55

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

→ At Age 60

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

→ At Age 65

  • Single Male, 65 years old, will pay $2,627 per year
  • Single Female, 65 years old, will contribute $3,920 each year
  • Couple, each at age 65, will pay a combined $4,453 annually

You can start planning today for your future long-term care needs and securing all that you have 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 Georgia Long Term Care 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 this form.  Thank you for reading today’s blog.  We really appreciate it.