Florida Long Term Care Insurance
This page covers important long-term care information for residents of Florida, 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 Medicaid, the Statewide Medicaid Managed Care - Long-Term Care Program, and the Florida Long-Term Care Partnership Program.
Paying for Long-Term Care
With more than three million residents age 65 and older, Florida is one of the largest state consumers of long-term care services. While this means that Florida residents have access to a wider range of long-term care services than people in many other states, this care is still by no means cheap. It is important to keep the costs of long-term care in mind as you plan for your future LTC needs, even if you don’t end up purchasing a long-term care insurance policy. To help give you a better idea of the expenses you may face, below we have listed the average prices for some commonly used LTC services in Florida.
Average Costs for Common Long-Term Care Services in Florida:
- Nursing Home (private room): $292 (Daily)
- Nursing Home (semi-private room): $260 (Daily)
- Assisted Living Facility (private room): $3,100 (Monthly)
- Home Health Aide (X hours/week): $16 (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 Florida: $
- Average Daily LTC Benefit Purchased in Florida: $145 (per day)
State Partnership Program
Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Florida’s version is called the Florida Long-Term Care Partnership Program. Policies issued as part of this program are required to meet certain federal and state standards. These policies also 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.
Rates for policies qualifying under this program do not differ significantly from those of non-qualified policies offering similar benefits. However, the regulations and requirements that must be met for a policy to qualify under this program also mean that these policies have less flexibility than many non-partnership policies. Because of this, it is a good idea to shop around and look at non-partnership policies in addition to those that qualify under the program so you can be sure that you have chosen the best policy for your needs and budget.
The Florida Long-Term Care Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Florida, your assets will remain protected. The same will be true if you purchase a partnership policy in Florida and then move to a different state that also offers reciprocity.
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. Florida is an income cap state.
In 2011, the Florida legislature created the Statewide Medicaid Managed Care - Long-Term Care Program (SMMC LTC), which allows seniors to receive long-term care in their home, their community, or an assisted living setting. The program is further split into the Long-Term Care (LTC) Managed Care Program, which specifically covers long-term care services, and the Managed Medical Assistance (MMA) Program, which covers other medical needs. The managed care plans provided through the SMMC LTC program offer a variety of services, including adult day care, hospice care, intermittent and skilled nursing, home-delivered meals, home accessibility adaptation, and more. However, medications, doctor’s visits, and non-LTC medical services are not covered. Availability of services is also based on medical necessity.
Companies Offering Long-Term Care Insurance in Florida
Florida residents have several long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include TransAmerica, MassMutual, Genworth, Mutual of Omaha, and New York Life. 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.
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Delaware Long Term Care Insurance