Ohio Long Term Care Insurance
This page covers important long-term care information for residents of Ohio, 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 Ohio’s Long-Term Care Insurance Partnership Program.
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 Ohio.
Average Costs for Common Long-Term Care Services in Ohio:
- Nursing Home (private room): $250 (Daily)
- Nursing Home (semi-private room): $224 (Daily)
- Assisted Living Facility (private room): $4,178 (Monthly)
- Home Health Aide (X hours/week): $17 (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 Ohio: $
- Average Daily LTC Benefit Purchased in Ohio: $144 (per day)
State Partnership Program
Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Established in 2007, Ohio’s Long-Term Care Insurance Partnership requires participating policies 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.
Ohio’s Long-Term Care Insurance Partnership also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Ohio, your assets will remain protected. The same will be true if you purchase a partnership policy in Ohio 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 basic long-term care services. Because Medicaid is a program meant to provide necessary care for low-income individuals, certain financial requirements must be met to qualify. Many of the individual programs offered through Medicaid also have age and medical requirements.
Ohio’s Medicaid program can provide coverage for stays at certified nursing homes and also offers a variety of waiver programs for those who would prefer to receive care in their own home or community. First, there is the PASSPORT waiver, which can provide up to $14,700 worth of coverage per month for services such as adult day care, skilled nursing, personal care, homemakers, independent living assistance, home-delivered meals, transportation, home modifications, special medical supplies and equipment, help with chores, and more. PASSPORT: Consumer Direction Opportunities is a voluntary option that allows PASSPORT participants to choose their own service providers.
The Program of All-Inclusive Care for the Elderly (PACE) can provide medical and long-term care services in a variety of possible settings. This includes primary and specialty care, adult day health care, personal care, prescription medications, homemaker services, skilled nursing, home modifications, transportation, various kinds of therapy, and help with chores and other daily tasks. Because much of this care is coordinated out of the PACE center in Cleveland, only those who live in the Cleveland area are eligible to participate in the program.
Last but not least, there is the Assisted Living waiver. Assisted living facilities provide a greater level of care than one could receive through the programs outlined above but are less restrictive and more home-like than a nursing facility. Typical services available with assisted living include housekeeping, personal care, transportation, social activities, and help with chores and daily tasks such as doing laundry, bathing, and getting dressed. It should be noted that while the waiver will cover services such as these, the cost of room and board at an assisted living facility will need to be paid by the waiver recipient. Additional home- and community-based services that can be covered by Ohio’s Medicaid program include private duty nursing and hospice care.
Companies Offering Long-Term Care Insurance in Ohio
Ohio 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, MassMutual, New York Life, 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.
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