WA Average daily benefit purchased: $ 183 per day.

The state of Washington’s population is over 6.7 million people, and as the US Census shows, over 800,000 residents in Washington are 65 years or older. That’s over 800,000 residents and counting in the Evergreen state who will increasingly need and use Long Term Care. If not prepared with Long Term Care Insurance, this rising number of seniors will put increasing economic stress on families and the state. In 2011, the total Long Term Care Medicad expenses in Washington were over $2.2 billion.

What’s more, Washington ranks third in the nation for home health care services. When planning for retirement, Long Term Care Insurance is clearely a key component for securing one’s financial future, and in Washington, residents 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 Washington Long Term Care Partnership program is a new, joint partnership between the state’s Medicaid program and the insurance companies. Established in January 2012, this program was designed to help Washington residents protect their assets by providing an incentive to buy a Long Term Care Insurance policy. Purchasing a Long Term Care insurance policy through the partnership program means you are not only protected by your policy, but also by Medicaid if you ever exceed the benefits of that policy.

Most Popular Long Term Care Companies in Washington

  • 1) Mutual of Omaha
    2) Genworth
    3) Mutual of Omaha Mutual Care Plus
    4) Mass Mutual
    5) Genworth Privileged Choice Flex 2
    6) Mutual of Omaha Mutual CarePlus
    7) Mass Mutual, Signature Care MM-500
    8) TransAmerica
    9) Genworth Privileged Choice Flex2
    10) MassMutual
    11) Prudential
    12) Mass Mutual, Signature CareMM-500
    13) New York Life LTC Select Premier
    14) New York Life
    15) Genworth Privileged Choice Flex

Most Insured Cities in Washington

  • 1) Seattle – last quote: $200/day
    2) Spokane – last quote: $250/day
    3) Vancouver – last quote: $150/day
    4) Tacoma – last quote: $100/day
    5) Olympia – last quote: $100/day
    6) Bellevue – last quote: $150/day
    7) Redmond – last quote: $250/day
    8) Bellingham – last quote: $150/day
    9) Puyallup – last quote: $150/day
    10) Renton – last quote: $100/day
    11) Auburn – last quote: $150/day
    12) Bothell – last quote: $150/day
    13) Kent – last quote: $200/day
    14) Mill Creek
    15) Yakima – last quote: $150/day

More on Washington

Legislation passed by the State of Washington aims to tackle the problem of the lack of Long Term Care Insurance coverage for its residents. They have set up a “partnership” program between private industry and the State to encourage residents of Washington to prepare for their future long-term care needs. Awareness of the need for Long Term Care Insurance remains low in Washington, 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 Washingon Long Term Care Partnership has created a program “whereby private insurance and medicaid funds shall be used to finance long-term care. For individuals purchasing a long-term care insurance policy or contract governed by chapter 48.84 or 48.83 RCW and meeting the criteria prescribed by the State legislation, and any other terms as specified by the office of the insurance commissioner and the department of social and health services, this program shall allow for the exclusion of some or all of the individual’s assets in determination of medicaid eligibility as approved by the federal health care financing administration.”

Residents of Washington State now have a means to complete their retirement portfolio with the one piece that can ensure a peaceful and secure retirement. 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 relative to care for them in retirement should they become unable to care for themselves.

Via the Washington Long Term Care Partnership Program, residents of Washington are able to purchase Long Term Care Insurance with a number of policy options that meet certain State-mandated criteria. Washington, like many states, hopes 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 amount of coverage you purchase in a Long Term Care Insurance policy can be disregarded should you need to apply for Medicaid. This means you’ll be able to hold on to more of your nest egg without having to pay out-of-pocket for the long-term care you need.

Highlights and requirements of the Partnership Program include:

  • Be guaranteed renewable;
  • Provide coverage for nursing home care and provide coverage for an alternative plan of care benefit as defined by the commissioner;
  • Provide optional coverage for home and community-based services. Such home and community-based services shall be included in the coverage unless rejected in writing by the applicant;
  • Provide automatic inflation protection or similar coverage for any policyholder through the age of seventy-nine and made optional at age eighty to protect the policyholder from future increases in the cost of long-term care;
  • Not require prior hospitalization or confinement in a nursing home as a prerequisite to receiving long-term care benefits; and
  • Contain at least a six-month grace period that permits reinstatement of the policy or contract retroactive to the date of termination if the policy or contract holder’s nonpayment of premiums arose as a result of a cognitive impairment suffered by the policy or contract holder as certified by a physician.

The inflation protection provisions above are an important part of any Long Term Care Insurance policy. They ensure that your protected in the future and that you are paid in “tomorrow’s dollars” and not at today’s rates which is important as the cost of long-term care services is set to rise substantially in the coming decades.

If you’re a resident of the State of Washington, 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.

WA tong term care cost

To buy the right policy that suits your preferences and financial capacity, you need to know the cost of various types of LTC. The table below shows the average annual 2018 cost of care in Washington based on a Genworth Financial survey.

Genworth’s 2018 Annual Cost of Long-Term Care in Washington
State Median $116,618 $104,025 $16,900 $61,620 $64,064
Bellingham $116,800 $102,200 $25,350 $51,000 $45,760
Bremerton area $128,663 $116,800 $16,900 $68,640 $65,208
Kennewick area $112,055 $104,390 $14,334 $66,600 $54,912
Longview $105,485 $93,805 $41,600 $60,000 $61,776
Mount Vernon area $128,663 $108,405 $28,080 $61,500 $69,784
Olympia area $136,875 $108,770 $32,760 $51,000 $66,352
Seattle area $125,925 $110,913 $15,805 $69,000 $73,102
Spokane area $116,253 $106,033 $15,600 $48,000 $61,204
Walla Walla $110,778 $95,630 $15,600 $59,400 $64.064
Wenatchee $131,400 $100,375 $49,500 $59,448
Yakima $115,037 $106,007 $10,400 $54,000 $57,200
Rest Of State $109,135 $97,090 $31,002 $50,550 $64,064

Long-term care insurance premium costs in Washington

The cost of long-term care insurance premiums in Washington depends on your health history and age at the time when you purchase the insurance. Premium rates tend to be lower when you are younger and healthy. Other factors that may influence the cost of LTC premiums in the Evergreen State include:

  • Benefit period – this refers to the total amount of time (in years) throughout which the insurance policy will pay out benefits.
  • Daily maximum benefit – refers to the maximum dollar amount an LTC policy will reimburse you for each day when you receive care.
  • Elimination period – an elimination period is the length of time between when you start receiving care and when the policy starts paying for that care.
  • Inflation protection – when selected, this policy feature ensures that the benefit dollars you receive should you need long-term care in the future are adjusted for inflation.

Washington Sample Long-Term Care Premium Calculations

We did a few sample premium calculations so you get an idea of how much you’d pay to purchase long-term care insurance in Washington. These calculations assume that the policyholder selects an elimination duration of 90 days, a daily maximum benefit of $200, and a benefit period of 3 years.

→ At Age 50

Single Male, Age 50, pays $1894 annually

Single Female, Age 50, will pay $2,277

Couple, each age 50, pays a combined $3,291 annually

→ At Age 55

Single Male, Aged 55, pays $1,967 annually

Single Female, Aged 55, will pay $2,381

Couple, each age 55, pays a combined $3,308 annually

→ At Age 60

Single Male, Aged 60, pays $2,070 annually

Single Female, Aged 60, will pay $2,963

Couple, each age 60, pays a combined $3,390 annually

→ At Age 65

Single Male, Aged 65, pays $2,627 annually

Single Female, Aged 65, will pay $3,921

Couple, each age 65, pays a combined $4,453 annually

NOTE: premium rates for long-term care insurance increase with age. It’s evident from the calculations above that couples can also attain significant discounts by purchasing the policy jointly. Also, women pay more for long-term care regardless of age bracket.

Join the LTC Tree family today and get connected with insurance professionals who will help you find a suitable plan for your long-term care preferences.