Alaska Long Term Care Insurance
This page covers important long-term care information for residents of Alaska, including the average cost of long-term care (LTC), the costs of LTC insurance, popular companies offering LTC insurance in the state, and information about Alaska’s Medicaid programs.
Paying for Long-Term Care
Long-term care is expensive, and the costs associated with it can add up quickly. It is important to keep these costs in mind as you plan for your future long-term care needs, even if you don’t end up purchasing a long-term care insurance policy. Knowing the costs of long-term care is especially important for Alaskans, as they face higher prices than anywhere else in the nation. Certain long-term care services, such as certified home health aides, are also hard to find in the state. It is worth noting that some people choose to move to a different state in order to have access to better prices and a wider range of services, and this may be an option worth considering for Alaska residents.
Average Costs for Common Long-Term Care Services in Alaska:
- Nursing Home (private room): $800 (Daily)
- Nursing Home (semi-private room): $800 (Daily)
- Assisted Living Facility (private room): $6,000 (Monthly)
- Home Health Aide (X hours/week): $22 (Hourly)
The Costs of Long-Term Care Insurance
The cost of long-term care insurance is impacted by several factors and can vary greatly from policy to policy and person to person. How much you pay will change depending on the amount of coverage you select, the maximum amount of benefit the policy will pay per day, the maximum number of years (typically measured in days) that the policy will pay out, and the total amount that will be available through the policy. The length of the elimination period and the types of services covered by the policy will also influence the cost, as will optional extras such as inflation protection. Other, less-obvious factors can play into a policy’s cost as well. To learn more, please see our article on the subject.
- Average Yearly Premium for an LTC Insurance Policy in Alaska: $
- Average Daily LTC Benefit Purchased in Alaska: $168 (per day)
State Partnership Program
Alaska is one of the few states that does not currently have a partnership program in place. Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Policies issued as part of the program are required to meet certain federal and state standards and help protect your assets from the spend-down requirements of Medicaid by allowing you to qualify for Medicaid coverage with a larger-than-normal amount of assets. The specific amount typically varies based on the total benefits paid out by your policy.
If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover services such as nursing homes and visiting nurses. The income requirements for Medicaid are typically handled in one of two ways. Income cap states require that your income be at a certain level when you first apply for Medicaid, while non-cap states will allow you to spend your assets down over time. Alaska is an income cap state.
In addition to its regular services, Alaska Medicaid has four unique Home and Community Based Waiver (HCBW) programs. These programs help provide community and in-home services to persons of any age who meet certain long-term care requirements.
Companies Offering Long-Term Care Insurance in Alaska
Alaska residents have several long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, and TransAmerica. Please take a look at our articles on these insurance companies and others to learn more about their histories, reputations, financial strength, and the policies they offer.
More Useful Links:
Alabama Long Term Care Insurance