Rhode Island Long Term Care Insurance
This page covers important long-term care information for residents of Rhode Island, 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 Rhode Island Long-Term Care 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 Rhode Island.
Average Costs for Common Long-Term Care Services in Rhode Island:
- Nursing Home (private room): $285 (Daily)
- Nursing Home (semi-private room): $279 (Daily)
- Assisted Living Facility (private room): $5,155 (Monthly)
- Home Health Aide (X hours/week): $20 (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 Rhode Island: $
- Average Daily LTC Benefit Purchased in Rhode Island: $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 2007, the Rhode Island Long-Term Care 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. For example, depending on the age at which you purchase it, 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 Rhode Island Long-Term Care Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Rhode Island, your assets will remain protected. The same will be true if you purchase a partnership policy in Rhode Island 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 certain age and medical requirements.
Rhode Island’s Medicaid program offers a variety of long-term services and supports (LTSS) for those in need. Individuals requiring particularly high levels of care can receive coverage for stays at certified nursing homes or for home- and community-based services (HCBS). HCBS are also available to those requiring somewhat lower levels of care. These services include homemakers, home modifications, special medical equipment, home-delivered meals, companionship services, assisted living, personal care, and more. Participants may also opt for self-directed care, which gives them a greater amount of control over the kinds of services they receive and who provides them.
Companies Offering Long-Term Care Insurance in Rhode Island
Rhode Island residents have a variety of long-term care companies and policies to choose from. Genworth and Mutual of Omaha are both popular long-term care insurance companies in this state. 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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