VA Average daily benefit purchased: $ 146 per day.

Virginia is home to over 8 million people, and in the top ten of the most populous states in the US. There are nearly 1 million residents aged 65+ (according to the 2010 US Census) living in Virginia, many of whom are in need of Long Term Care services (this includes things such as home health care, care in Nursing Homes and Assisted Living Facilities). As the number of seniors in the Old Dominion state grows with the baby boomer generation, as will the need and use Long Term Care services, putting economic stress on both families and the state. In 2011, Virginia’s Long Term Care Medicad expenses alone were over $2 billion.

The Virginia Long Term Care Partnership program was launched by Governor Tim Kaine in September of 2007. The Partnership program is a public-private partnership that provides Virginia residents with the option of affordable, quality long-term care insurance for needed care without depleting all their assets. A joint partnership between the state’s Medicaid program and the insurance companies, the Virginia Long  Term Care Partnership Program is designed to provide Virginia residents with an incentive to buy a Long Term Care insurance policy and better protect their assets. By purchasing a Long Term Care insurance policy through the Virginia Long Term Care Partnership program, Virginia residents are protected both by their private policy and eventually, if needed, by Medicaid.

Living in Virginia, residents have the choice of around 17 great Long Term Care Insurance companies that can help protect savings in the event of needing Long Term Care services. With this many companies to choose from, and the added security from the Partnership program, Long Term Care insurance should be a key part of Virginia residents’ retirment plans.

Most Popular Long Term Care Companies in Virginia

  • 1) Genworth
    2) Mutual of Omaha Mutual Care Plus
    3) Mutual of Omaha
    4) Genworth Classic Select 2007
    5) Genworth Privileged Choice Flex
    6) Mass Mutual, Signature Care MM-5002011
    7) Transamerica
    8) United of Omaha Assured SolutionsGold
    9) Mutual of Omaha MutualCare SecureSolution
    10) Genworth Priviledged Choice Flex Monthly
    11) Federal LTC Insurance Program v2. 0
    12) Prudential
    13) United of Omaha AssuredSolutions Gold
    14) GNW
    15) Federal LTC InsuranceProgram v2. 0

Most Insured Cities in Virginia

  • 1) Richmond – last quote: $150/day
    2) Arlington – last quote: $150/day
    3) Virginia Beach – last quote: $200/day
    4) Midlothian – last quote: $150/day
    5) Alexandria – last quote: $150/day
    6) Chesapeake – last quote: $150/day
    7) Fairfax – last quote: $150/day
    8) Woodbridge – last quote: $200/day
    9) Springfield – last quote: $150/day
    10) Lynchburg – last quote: $150/day
    11) Roanoke – last quote: $150/day
    12) Williamsburg – last quote: $100/day
    13) Vienna – last quote: $120/day
    14) Stafford – last quote: $200/day
    15) Centreville – last quote: $200/day

More on Virginia

Virginia, like many states, has developed an innovative solution to the crisis of lack of Long Term Care Insurance coverage for its residents. The “crisis” in long-term care is a national phenomenon that is by no means unique to Virginia. Awareness of the need for Long Term Care Insurance remains disturbingly low. Long Term Care Insurance pays for services such as nursing homes, in-home care, and assisted-living care when one is unable to care for themselves. These services are not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.
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.

But, if you are a resident of Virginia, you should be aware of the Virginia Long Term Care Insurance Partnership Program which could reward you and your family for purchasing this critical form of insurance. Virginia, 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: the Program offers a dollar-for-dollar asset protection match for those who purchase a Long Term Care Insurance partnership program policy. This enables participants 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: Dollar-For-Dollar Asset ProtectionAs mentioned above, this is a dollar-for-dollar match program and this benefit is not available with non-Partnership policies.

A typical scenario would be: A partnership policyholder uses $100,000 in coverage from their policy and has $100,000 in additional savings and assets. This policyholder is then allowed to exclude their $100,000 in assets from the Medicaid qualification process thereby protecting these assets from loss. Inflation Protection, often present in most regular Long Term Care Insurance policies, inflation protection offers options that adjust the policy’s benefits to keep up with the rising costs of long-term care, which are expected to be significant in the coming years.

Professionally Trained Agents:

The Program only works with qualified and certified agents such as the ones we here at LTC Tree already work with. So, only policies that meet Virginia’s long-term care standards.

Below is a list of companies offering Virginia-approved Long Term Care Insurance Partnership Program policies and link to their website, where available:

    • Approved for sale in Virginia from 1992:
    • Allianz Life Insurance Company of North America,
    • American Family Life Assurance Company of Columbus,
    • American Fidelity Assurance Company,
    • American Network Insurance Company,
    • Auto-Owners Life Insurance Company,
    • Bankers Life and Casualty Company,
    • Insurance Company of America,
    • Combined Insurance Company of America,
    • Continental General Insurance Company,
    • CUNA Mutual Insurance Society,
    • Equitable Life & Casualty Insurance Company,
    • Genworth Life Insurance Company,
    • Golden Rule Insurance Company,
    • Great American Life Insurance Company,
    • Guarantee Trust Life Insurance Company,
    • John Hancock Life Insurance Company (U.S.A.),
    • Lafayette Life Insurance Company
    • Massachusetts Mutual Life Insurance Company
    • MedAmerica Insurance Company,
    • Metropolitan Life Ins. Company,
    • Minnesota Life Insurance Company
    • Mutual of Omaha Insurance Company,
    • National Life Insurance Company
    • New York Life Insurance Company,
    • Northwestern Long Term Care Insurance Co,
    • Penn Treaty Network America Insurance Company,
    • Provident Life and Accident Insurance Company,
    • Prudential Insurance Company of America,
    • Southern Farm Bureau Life Insurance Company,
    • State Farm Mutual Automobile Insurance Company,
    • Teachers Protective Mutual Life Insurance Co.
    • Transamerica Life Insurance Company,
    • United American Insurance Company,
    • United of Omaha Life Insurance Company,
    • Unum Life Insurance Company of America,

Start planning today for your future and securing all that you’ve worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy through Virginia’s Long Term Care Insurance Partnership Program. LTC Tree can help you find a plan that is right for you, no matter your age or financial status. If you’d like to learn more about our affordable Long Term Care Insurance policies, simply fill out this form.

Virginia Long Term Care Costs

It is important to know about the cost of long term care services in Virginia so you can create an effective plan for the future plan. Based on a comprehensive study carried out by Genworth Financial, this is what long term care costs in different regions of the Old Dominion state.

Genworth’s 2018 Annual Cost of Long Term Care in Virginia
State Median $102,200 $89,425 $18,200 $53,415 $48,048
Blacksburg area $92,528 $85,775 $14,430 $56,340 $50,222
Charlottesville area $94,900 $86,870 $20,800 $54,924 $53,768
Harrisonburg $115,705 $102,930 $14,690 $49,200 $42,328
Lynchburg $85,928 $76,624 $16,900 $44,340 $47,934
Richmond $110,595 $94,999 $17,420 $60,570 $45,760
Roanoke $108,040 $96,360 $18,850 $49,650 $45,188
Staunton area $98,550 $87,965 $20,800 $51,000 $48,048
Virginia Beach Area $101,105 $93,258 $18,720 $56,106 $43,472
Winchester $127,568 $121,545 $15,860 $55,350 $46,332
Rest Of State $90,947 $80,300 $14,820 $38,850 $40,612

Virginia Long Term Care Premium Costs

The cost of long term care insurance in Virginia is influenced by multiple factors. To start with, premiums tend to be cheaper the younger and healthier you are when buying insurance. The cost of LTC insurance in the Old Dominion state is also influenced by policy-specific factors such as the Benefit Period, Daily Maximum Benefit, Inflation Protection, and the Elimination Period that you choose.

 Sample Premium Calculations for Long Term Care Coverage in Virginia

We did a few sample premium calculations for Virginians of different ages to give you an impression of how much insurance costs. These calculations assume that you select a Daily Maximum Benefit amount of $200, a Benefit Period of 3 years, and an elimination duration of 90 days.

→ At Age 50

  • Single Male, 50 years old, will contribute $1,894 each year
  • Single Female, age 50, will pay $2,277 annually
  • Couple, both age 50, will pay a combined premium amount of $3,292 annually

→ At Age 55

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

→ At Age 60

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

→ At Age 65

  • Single Male, 65 years old, will contribute $2,627 per year
  • Single Female, age 65, will pay $3,921 each year
  • Couple, both aged 65, will pay a combined premium amount of $4,453 annually

From these sample calculations, it’s easy to see that long-term care premiums in Virginia increase with age. Couples can also land massive long term care insurance discounts when they purchase their policy jointly. LTC Tree has helped countless Virginians find and purchase a policy that is best suited to their budget and circumstances. We help our clients shop from the top insurers in the state and find a plan that offers the best benefits at an attractive price.