Last Updated September 1, 2021

Florida Long Term Care Insurance

Fast Facts

FL Average daily benefit purchased: $ 145 per day.

There are over 19,000,000 people living in Florida, making it our nation's fourth most populous state and one of the largest state consumers of Long Term Care services (including care in Nursing Homes, Assisted Living Facilities and Home Health Care).  According to the US Census, Florida has almost 3.4 million residents aged 65 years or older. This high number of seniors in the Sunshine State will increasingly need and use Long Term Care putting economic stress on families and the state. In 2011 the total Long Term Care Medicad expenses alone in Florida were $4.8 billion, and the total expenses (Medicaid and private combined) were $11.2 billion.

Long Term Care Insurance is an important retirement planning tool, and Floridians have the choice of 13 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.

The Florida Long Term Care Partnership program is a joint partnership between the state's Medicaid program and the insurance companies. The program was approved by the state legislature in 2005 (effective date of Jan 1, 2007), and it was designed to help Floridians protect their assets by providing an incentive to buy a Long Term Care Insurance policy. Those who purchase a Long Term Care insurance policy through the Florida 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 Florida

    1) Transamerica
    2) Mass Mutual, Signature Care MM-5002011
    3) Genworth
    4) Mutual of Omaha Mutual Care Plus
    5) Mass Mutual, Signature CareMM-500 2011
    6) Mass Mutual
    7) Mutual of Omaha
    8) Mutual of Omaha Mutual CarePlus
    9) Genworth Privileged Choice Flex
    10) Transamerica TransCare II 2012
    11) Federal LTC Insurance Program v2. 0
    12) New York Life LTC Select Premier 5.5
    13) Federal LTC Insurance Programv2. 0
    14) Prudential
    15) Mass Mutual, Signature Care MM-500

Most Insured Cities in Florida

1) Miami - last quote: $150/day
2) Tampa - last quote: $100/day
3) Orlando - last quote: $150/day
4) Jacksonville - last quote: $150/day
5) Boca Raton - last quote: $150/day
6) Sarasota - last quote: $100/day
7) Naples - last quote: $150/day
8) West Palm Beach - last quote: $250/day
9) Fort Myers - last quote: $100/day
10) Palm Beach Gardens - last quote: $150/day
11) Pensacola - last quote: $130/day
12) Jupiter - last quote: $150/day
13) Lakeland - last quote: $150/day
14) Bradenton - last quote: $150/day
15) Winter Park - last quote: $130/day

Interactive Map of Florida LTC Insurance Costs

More on Florida

Florida, like many states, has instituted a program to tackle the problem of lack of Long Term Care Insurance coverage for its residents via a partnership program between private industry and the State.  Florida's population is rapidly aging and awareness of the need for Long Term Care Insurance remains low.  

This article aims to highlight Florida Partnership Requirements, unique Florida Partnership features, and provide a resource to receive competitive Florida Partnership quotes and comparisons.

  • What defines Long Term Care?
    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.  
  • Why Florida Instituted a Partnership Plan:  The Looming Problem of Long Term Care
    The Florida Long Term Care Insurance partnership program aims to encourage residents to purchase private Long Term Care Insurance.  Beyond that, Florida as a state has an incentive to offer this as the private insurers then carry the most lilkely LTC risk - the first several years.  By acting as a safety net for the outliers that need longer care periods, Florida is encouraging uptake of Long Term Care Insurance.  
  • 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 problem to be reckoned with.  Many Americans, regardless of the state in which they live, 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.

How Florida Residents Can Participate 

There are two core requirements to participate in the Florida Long Term Care Partnership Program:
Long Term Care Policy Design 
Residents of Florida are able to participate in the Florida Long Term Care Insurance Partnership Program via a number of policy options that meet certain State-mandated criteria.  Depending on your age, you will need to add an Inflation Protection rider to your policy when purchasing it.  We recommend this anyway, as a policy is only as good as the benefit at time of need which generally is way out in the future.
How Partnerships Benefit You
So, we know why the states want Partnership plans and have put these laws on the books.  What about the consumer?  Florida, like many states, aims to reward those who do their part in solving this problem of Long Term Care Insurance coverage by planning ahead and protecting themselves and their assets.  Basically, it works like this: purchasers of partnership policies are eligible for dollar-for-dollar Medicaid asset protection which means that Partnership Plans help provide you with asset protection in the event you use your policy benefits and need to seek continued benefits through Medicaid.  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 Partnership Program include:
  • Long-Term Care Partnership policies are tax qualified (a portion of premiums paid may be claimed as a tax deduction) under federal law
  • Plans provide policyholders with inflation protection
  • And most importantly, plans provide dollar-for-dollar asset protection in the event the policyholder needs to apply for long-term care Medicaid assistance.  For every dollar that a partnership policy pays out in benefits, a dollar of assets can be protected from Medicaid spend-down requirements.
What Next?
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.  Thank you for reading today's blog.  We really appreciate it.


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