Maryland Long Term Care Insurance

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Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

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Long Term Care Insurance & Preventing Dementia

Maryland Long Term Care Insurance

This page covers important long-term care information for residents of Maryland, 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 and the Maryland Long-Term Care Insurance Partnership Program.

Maryland LTC Cost

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. 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 Maryland.

Average Costs for Common Long-Term Care Services in Maryland:

  • Nursing Home (private room): $326 (Daily)
  • Nursing Home (semi-private room): $300 (Daily)
  • Assisted Living Facility (private room): $4,150 (Monthly)
  • Home Health Aide (X hours/week): $18 (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 Maryland: $
  • Average Daily LTC Benefit Purchased in Maryland: $151 (per day)

State Partnership Program

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 Maryland Long-Term Care Insurance Partnership 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. For example, depending on your age, inflation protection may be a mandatory feature of your policy. 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 Maryland Long-Term Care Insurance Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Maryland, your assets will remain protected. The same will be true if you purchase a partnership policy in Maryland and then move to a different state that also offers reciprocity.

Medicaid

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 basic long-term care services. Because Medicaid is designed for low-income individuals, certain financial requirements must be met in order to qualify.

Maryland’s Long Term Services and Supports (LTSS) Medicaid program can provide coverage for a variety of LTC services. Many people use this program to help cover the costs of staying in a nursing home, but you may be able to receive coverage for care in an assisted living facility, adult day care, or your own home by applying for a Home- and Community-Based Options (CO) or Community First Choice (CFC) Medicaid Waiver. The goal of both is to allow seniors to receive the long-term care they need while remaining as independent as possible. Each of these waivers has its own requirements, and some are only available in limited quantities.

There is also Hopkins ElderPlus, which is Maryland’s version of the popular Program of All-Inclusive Care for the Elderly (PACE). This is a voluntary health program designed to provide seniors with long-term care, medications, medical equipment, meals, emergency care, and a variety of other services. Like the waivers discussed above, ElderPlus helps seniors to live independently and remain in their communities rather than having to go to a nursing home.

Companies Offering Long-Term Care Insurance in Maryland

Maryland residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, TransAmerica, New York Life, MassMutual, and Northwestern. 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:

Maine Long Term Care Insurance

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS
  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.

Find Local Doctors & Most Popular Plans

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

PLUS, Receive 2 FREE Books -
Long Term Care Insurance & Preventing Dementia

Maryland Long Term Care Insurance

This page covers important long-term care information for residents of Maryland, 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 and the Maryland Long-Term Care Insurance Partnership Program.

Maryland LTC Cost

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. 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 Maryland.

Average Costs for Common Long-Term Care Services in Maryland:

  • Nursing Home (private room): $326 (Daily)
  • Nursing Home (semi-private room): $300 (Daily)
  • Assisted Living Facility (private room): $4,150 (Monthly)
  • Home Health Aide (X hours/week): $18 (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 Maryland: $
  • Average Daily LTC Benefit Purchased in Maryland: $151 (per day)

State Partnership Program

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 Maryland Long-Term Care Insurance Partnership 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. For example, depending on your age, inflation protection may be a mandatory feature of your policy. 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 Maryland Long-Term Care Insurance Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Maryland, your assets will remain protected. The same will be true if you purchase a partnership policy in Maryland and then move to a different state that also offers reciprocity.

Medicaid

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 basic long-term care services. Because Medicaid is designed for low-income individuals, certain financial requirements must be met in order to qualify.

Maryland’s Long Term Services and Supports (LTSS) Medicaid program can provide coverage for a variety of LTC services. Many people use this program to help cover the costs of staying in a nursing home, but you may be able to receive coverage for care in an assisted living facility, adult day care, or your own home by applying for a Home- and Community-Based Options (CO) or Community First Choice (CFC) Medicaid Waiver. The goal of both is to allow seniors to receive the long-term care they need while remaining as independent as possible. Each of these waivers has its own requirements, and some are only available in limited quantities.

There is also Hopkins ElderPlus, which is Maryland’s version of the popular Program of All-Inclusive Care for the Elderly (PACE). This is a voluntary health program designed to provide seniors with long-term care, medications, medical equipment, meals, emergency care, and a variety of other services. Like the waivers discussed above, ElderPlus helps seniors to live independently and remain in their communities rather than having to go to a nursing home.

Companies Offering Long-Term Care Insurance in Maryland

Maryland residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, TransAmerica, New York Life, MassMutual, and Northwestern. 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:

Maine Long Term Care Insurance

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS
  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.