LA Average daily benefit purchased: $ 130 per day.

There are over 4.5 million people who call Louisiana home, and according to the US Census, close to 560,000 of those residents are aged 65+. That’s over half a million people and counting in the Pelican State who will increasingly need and use Long Term Care services, such as care in nursing homes, assisted living facilities, and/or home health care. Without Long Term Care Insurance, this rapidly growing number of baby boomers will put increasing economic stress on families and the state. In 2011, the total Long Term Care expenses in Louisiana were over $2 billion (this is just for Medicaid- coupled with private costs this number is far higher). What’s more, Louisiana ranks sixth in state average rates for home health services.

The good news is, residents of Lousisiana have the choice of around 17 great Long Term Care Insurance companies to choose from- this selection of Long Term Care insurance companies is helpful when planning for retirement and securing your financial future.

In 2010, the Louisiana Long Term Care Insurance Partnership Program became effective. This program is designed to encourage Louisiana residents to purchase long term care insurance by offering a plan that will provide them with asset protection in the event they use their policy benefits and need to seek continued benefits through Medicaid. In otherwords, the Partnership Program provides dollar-for-dollar asset protection and each dollar that the policy pays out in benefits, entitles the purchaser to keep a dollar of their assets if they ever need
to apply for Medicaid services. People who purchase qualifying long-term care policies may qualify for Medicaid early, before spending down all of their assets.

Most Popular Long Term Care Companies in Louisiana

  • 1) Genworth
    2) Mutual of Omaha
    3) Mutual of Omaha Mutual Care Plus
    4) Genworth Privileged Choice Flex 2
    5) Transamerica
    6) Genworth Privileged Choice Flex
    7) Mass Mutual
    8) Mass Mutual, Signature Care MM-5002011
    9) New York Life LTC Select Premier 5.5
    10) New York Life
    11) United of Omaha Assured SolutionsGold

Most Insured Cities in Louisiana

  • 1) Baton Rouge – last quote: $120/day
    2) New Orleans – last quote: $150/day
    3) Lafayette – last quote: $150/day
    4) Shreveport – last quote: $100/day
    5) Thibodaux – last quote: $100/day
    6) Metairie – last quote: $100/day
    7) Mandeville – last quote: $120/day
    8) Slidell – last quote: $100/day
    9) Westwego – last quote: $100/day
    10) Bossier City – last quote: $100/day
    11) Dequincy – last quote: $100/day
    12) Opelousas – last quote: $150/day
    13) Lake Charles – last quote: $150/day
    14) Baker – last quote: $150/day
    15) Sulphur – last quote: $100/day

More on Louisiana

The population of Louisiana, like many states, is growing older at a rapid rate and the State has instituted a program to tackle the problem of lack of Long Term Care Insurance coverage for its residents.  The State of Louisiana has set up a Long Term Care Insurance Partnership Program between private insurers and the State to encourage residents of Maryland to prepare for their future long-term care needs.

Awareness of the need for Long Term Care Insurance remains low in Louisiana, as in the rest of the country.  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.

The Louisiana Long Term Care Partnership Program encourages citizens to partner with the state-based program as they purchase qualified private long-term care insurance policies.  Partnership-Qualified policies are available from licensed insurance professionals. Policies must meet the state and federal Partnership requirements.

A recent review by Genworth Financial 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 spend down their entire nest egg or rely on their children or other relatives to care for them in retirement should they become unable to care for themselves.

Residents of Louisiana are able to participate in the Louisiana Long Term Care Partnership Program with Partnership-Qualified policies that are available from licensed insurance professionals that meet certain State-mandated criteria.  Louisiana, 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: The Long-Term Care Partnership program provides dollar-for-dollar asset protection.  Each dollar that your Partnership policy pays out in benefits entitles you to keep a dollar of your assets if you ever need to apply for Medicaid services.  People who purchase qualifying long-term care policies may qualify for Medicaid early, before spending down all of their assets.  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 and requirements of the Partnership Program include: Dollar-for-dollar Medicaid Asset Protection Inflation protection Tax benefits stringent consumer protection standards The inflation protection requirements of the Louisiana Long Term Care Insurance Partnership Plan are critical here.  Inflation protection ensures that your policy will pay out in tomorrow’s dollars and that you’re covered for the care you need.  For a list of carriers who offer Louisiana Partnership-qualified policies, click here.

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 Louisiana 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 Louisiana Long Term Care Insurance Partnership policies, simply fill out this form. Thank you for reading today’s blog.  We really appreciate it.