South Carolina Long Term Care Insurance
This page covers important long-term care information for residents of South Carolina, 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, Healthy Connections, and the South Carolina 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 South Carolina.
Average Costs for Common Long-Term Care Services in South Carolina:
- Nursing Home (private room): $225 (Daily)
- Nursing Home (semi-private room): $211 (Daily)
- Assisted Living Facility (private room): $2,865 (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 South Carolina: $
- Average Daily LTC Benefit Purchased in South Carolina: $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 2009, the South Carolina 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 South Carolina Long-Term Care Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to South Carolina, your assets will remain protected. The same will be true if you purchase a partnership policy in South Carolina 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. These requirements 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. South Carolina is an income cap state.
Many elderly South Carolina residents use Medicaid, also known as Healthy Connections, to help cover the cost of stays at certified nursing homes. However, the program can also help those who would prefer to remain in their own homes and communities if possible. For example, those who are Medicaid-eligible and require certain levels of care can enroll in the Community Choices Waiver. You may also see this program referred to as the Elderly and Disabled Waiver. This program can provide coverage for home modifications, companion services, home-delivered meals, adult day health care, skilled nursing, personal emergency response systems, and assistance with household chores and activities of daily life such as eating, bathing, and getting dressed. Coverage for services provided at assisted living facilities may also be available through Healthy Connections.
Companies Offering Long-Term Care Insurance in South Carolina
South Carolina 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, and MassMutual. 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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