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Georgia Long Term Care, LTC Insurance, State Partnership & Custom Quotes

Over two-thirds of Americans will need some kind of supportive care services after they reach the age of 65. This may include medical, housekeeping, social or rehabilitation services needed for a long duration (months or years) in order to maintain health or to improve personal independence. In the Peach State, the average rate for a private room in a nursing home was $223 per day, or $81,213 a year. Given that the average duration of stay at a nursing home is about 3 years – this would amount to around $243,639. Most Georgia residents would find their nest egg depleted and their families strained emotionally and financially by such a massive expenditure. If you’re a Georgian who’s looking to plan ahead for retirement, this page tells you everything you need to know about long term care.

Georgia has a population of over 10.6 million people (based on 2019 estimates), making it the 8th most populous state in the US. Because 10% of the state’s population is age 65 years or above, demand for long term care services such as home health care, nursing home care and assisted living facility care is on an upward spiral. The high number of seniors needing long term care will continue to put economic stress to both families and the state. 

Long term care insurance as an option

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, given that the Department of Health and Human Services estimates that 70% of all Americans will need long-term care at some point after they pass age 65, this does, indeed, constitute a crisis.  Many Georgians – especially those nearing retirement age – are 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.

It’s possible to self-fund your long-term care expenses in Georgia. But given that it takes $243,639 to receive 3 years of care at a private nursing home room, you’d need to be significantly wealthy to achieve this without depleting your personal finances. Long term care insurance turns out to be the best retirement planning tool for the majority of Georgians. Not only does insurance help protect your assets – in the event you need long term care – it also secures your peace of mind. Many residents of Georgia have watched as their loved ones – lacking insurance – struggled to foot devastating long-term care bills.

LTC Tree insurance specialists help Georgian families find the best long-term care insurance plan to suit their budget and circumstances. We have over a dozen top-tier insurance companies that offer reasonable plans.

 → Traditional LTC vs hybrid LTC insurance

Traditional long-term care insurance provides coverage for quality long term care in exchange for annual premiums. These policies tend to be cheaper the younger and healthier you are when you purchase them. A major downside of traditional LTC insurance is rampant premium hikes. Hybrid LTC policies, on the other hand, are typically a combination of permanent life insurance and a long-term care rider. You can purchase a hybrid policy by making a lump sum premium deposit, or smaller deposits spread out over a number of years. If you do not need long term care services while you’re alive, the policy will like a traditional life insurance plan and pay out a death benefit to your loved ones. Hybrid insurance has become very popular these days because it eliminates the use-it-or-lose-it concern with traditional policies.

Most Popular Long Term Care Companies in Georgia

1) Genworth
2) Mutual of Omaha
5) Transamerica
4) Mass Mutual
5) John Hancock
6) New York Life
7) MedAmerica

Income limit for Georgia’s Medicaid Program

Georgians who are 65+, blind, or disabled can qualify for Medicaid if they satisfy certain income and asset limits. Individuals who receive Supplemental Security Income (SSI) are automatically qualified for ABD (Aged, Blind, and Disabled) Medicaid. Those who are not blind, elderly or disabled and need LTC but are not receiving SSI must have monthly income less than $2,250 in order to qualify for Georgia ABD Medicaid. Those whose income is above this limit may still qualify by putting their extra income in a special bank account (Trust), or through the state’s Medically Needy Program. The admissible asset limit for Georgia’s Medicaid Program is $2,000.

Georgia Long Term Care Partnership

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.

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.

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 an 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 the 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.

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.

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)
REGION PRIVATE NURSING HOME ROOM SEMI-PRIVATE NURSING HOME ROOM ADULT DAY HEALTH CARE ASSISTED LIVING FACILITY (PRIVATE ROOM) HOME HEALTH AIDE (44 HOURS WEEKLY)
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

From these sample calculations, it’s evident that policy rates go up with age. Married couples can also secure huge discounts by buying long term care insurance jointly. LTC Tree helps you compare the top long term care insurers in Georgia and find a policy that is best suited to meet your budget and unique circumstances. Engage our team today to get started!

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

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