Oregon Long Term Care Insurance
This page covers important long-term care information for residents of Oregon, 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 Oregon Health Plan, and Oregon’s Long-Term Care Qualified 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 Oregon.
Average Costs for Common Long-Term Care Services in Oregon:
- Nursing Home (private room): $305 (Daily)
- Nursing Home (semi-private room): $289 (Daily)
- Assisted Living Facility (private room): $4,070 (Monthly)
- Home Health Aide (X hours/week): $19 (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 Oregon: $
- Average Daily LTC Benefit Purchased in Oregon: $139 (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 2008, Oregon’s Long-Term Care Qualified Partnership Program 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.
Oregon’s Long-Term Care Qualified Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Oregon, your assets will remain protected. The same will be true if you purchase a partnership policy in Oregon and then move to a different state that also offers reciprocity.
Medicaid and the Oregon Health Plan
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. 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. Oklahoma is an income cap state.
Oregon’s Medicaid program is called the Oregon Health Plan. Like all Medicaid programs, coverage is available for stays at certified nursing homes. Private duty nursing, hospice care, prescription medications, and certain forms of medical care and equipment may also be covered. For those interested in receiving care in a different setting, the K Plan provides home- and community-based services for elderly and disabled persons. Benefits available under the K Plan include home modifications, housekeeping, meal preparation, and assistance with activities of daily living such as eating, bathing, and getting dressed.
There is also the Independent Choices Program (ICP), which provides monthly cash payments that allow participants to fund and manage their own care. These payments can be put towards personal care and other LTC services and can be used to reimburse friends and family members for the care they provide.
Oregon also has Home- and Community-Based Services (HCBS) Waivers. These include the Client-Employed Provider (CEP) Program, which allows elderly and disabled persons to employ care providers and homemakers to help with meal preparation, shopping, housecleaning, and other activities of daily life. Like the ICP, friends and family members may be hired to provide this care. Similarly, there is the Oregon Spousal Pay Program, which pays spouses who provide high levels of care and assistance to their significant other. It should be noted that unlike some other Medicaid programs, these waivers do have enrollment caps and waiting lists.
Last but not least is the Program of All-Inclusive Care for the Elderly (PACE), a joint Medicaid/Medicare program which provides services such as adult day care, primary care, nursing, meals, in-home care, prescription medications, specialty medical services, social services, hospice care, and more. The goal of PACE, as with the waiver programs described above, is to allow elderly Oregon residents to receive the care they need while remaining as comfortable and independent as possible. It should be noted that in order to be eligible for PACE, one must live in a PACE service area.
Companies Offering Long-Term Care Insurance in Oregon
Oregon residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Mutual of Omaha, Genworth, MassMutual, TransAmerica, 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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