top of page

Ohio Long Term Care Insurance You Can Trust

If you are planning for future health care expenses before or when you retire, you should think about buying Ohio long term care insurance. Medicare does not cover the costs associated with nursing home housing or at-home health services. This means you are on the financial hook for the two most costly expenses as you enter your golden years.

Ohio long term care insurance can protect you against the high cost of nursing home stays and at-home medical care.

Defining Long Term Care Insurance

“Be prepared” is not just the mantra for a youth organization; it should also be the mantra for Ohio residents that require health care services during the later stages of life. Most health insurance policies cover expenses such as hospital bills, medical procedures, and doctor office visits. Health insurance plans also typically cover the costs of prescription drugs. Although Medicare covers short-term nursing home stays under certain conditions, the safety net for retirees does not cover long-term stays.

The answer to the high cost of prolonged nursing home stays and in-home health care services is Ohio long term care insurance. Long-term car insurance covers several at-home health care services, including help with daily eating, bathing, and dressing.

Filling out an application -- just like you would for Ohio dental insurance -- is the first step towards purchasing an Ohio long term care insurance policy. The insurance company reviewing your application looks at your medical records to determine the level of risk, as well as conducts an interview with you either in person or over the phone. After the initial screening process, and if the insurer approves your application, the next step involves selecting the type and amount of coverage you want.

Long-term care insurance policies place a limit on the amount the policies payout, as well as the maximum amount of money you can receive over your lifetime. After the insurer gives you the green light to receive Ohio long term care insurance, you start paying monthly premiums.

Filing a Claim

Most policies require policyholders to meet two out of six criteria that determines whether they can complete “activities of daily living” on their own.

  • Bathing

  • Eating

  • Dressing

  • Using the toilet

  • Getting out of a bed and a car

  • Taking care of incontinence

When you file a claim for benefits, your insurer once again needs to review your medical documents. Your insurance company might also send a nurse to your home to evaluate your lack of self-sufficiency.

Most policies require policyholders to pay out of pocket expenses for an initial period, such as 30, 60, or 90 days after a policy starts. Some insurers offer a “shared care” option for both spouses that allows them to share in the cost of funding the insurance coverage.

Medical Expenses Add Up

The older you get, the more money you can expect to pay for health care services. It is an indisputable fact of life that can wipe out years of savings, as well as significantly decrease the amount of money left for heirs.

Around 50 percent of Americans age 65 eventually have to pay for taking care of a disability or an illness. According to a study conducted by the Urban Institute and the United States Department of Health & Human Services (HHS), the services provided for taking care of most disability and illness cases last no longer than two years. However, 14 percent of patients need care that lasts longer than five years. (Click for more information on Ohio disability insurance or Kentucky short-term disability insurance.)

Let’s look at the annual median costs for several long-term healthcare services. The data comes from a 2018 study.

  • Home health aide-$50,336

  • Homemaker services-$48,048

  • Adult day health care-$18,720

  • Assisted living facility-$48,000

  • Nursing home care-$89,297 for semi-private room/$100,375 for private room

Residents buy Ohio long term care insurance for two reasons. First, insurance protects a lifetime worth of savings. Let’s say you have saved more than $500,000 for retirement, and unexpectedly, you land in a nursing home because of a debilitating injury caused by a hard fall. The more than $500,000 retirement nest egg can disappear at an alarming rate.

Second, buying an Ohio long term care insurance policy offers you more options for health care. The more money you have to spend, the higher the quality of care. If you have to rely solely on Medicaid, you can expect limited long-term care options because some nursing homes do not accept payments from the government program.

The rates you pay for Ohio long term care insurance depend on the following factors:

  • Health

  • Age

  • Gender

  • Marital status

  • Amount of coverage

  • Insurer

What Long Term Care Insurance Covers in Ohio?

Ohio long term care insurance covers both home and outside the home care.

Your Home

  • Daily health care provided by a certified nurse

  • Physical therapy

  • Speech therapy

  • Rehabilitation program

  • Personal care (bathing, eating, etc.)

Outside the home care can happen at many more healthcare venues than just a nursing home.

Outside the Home Care

  • Assisted living facility

  • Hospice care

  • Respite care

  • Alzheimer’s special care facility

  • Adult day care center

Long-term health care coverage usually kicks in after the elimination period, which is the waiting period we discussed earlier. You also have to meet what is referred to as a “benefit trigger,” which your policy defines by Activities of Daily Living (ADLs). In-home care costs less than out of home care because of less dependency on a long-term care provider.

Groups Best Suited for LTC

One of the groups best suited for Ohio long term care insurance are residents that have between $500,000 and $5 million in assets. Having built a large financial nest egg requires you to protect it from large, sudden expenses such as the costs associated with nursing home care. Whether most of your assets are in securities or commodities like classic automobiles, you want to retain the value of the tangible assets by drawing form the financial protection offered by long-term care insurance.

Age Defines the Group Best Suited for LTC

According to the HHS, an American adult that turns 65 years old has about a 70 percent chance of needing some form of health care spanning at least two years. Around a quarter of the healthcare recipients need to use services for more than five years. With a private room at a nursing home averaging more than $100,000 per year, the financial burden from having to pay out of pocket long-term healthcare costs can lead to insolvency and other legal issues.

One long-term care expert recommends an insurance policy for Americans that reach 60, but have not yet turned 65."If your health is OK and you don't have hereditary problems that insurance companies don't like, the ideal time to get long-term care insurance would be in your early 60s,” said Diahann Lassus, who is the co-founder of the New Providence, New Jersey wealth management firm Lassus Wherley.

Lassus offered this example: “If a single man in New Jersey buys a long-term care policy at 60 rather than at 50, the monthly premium will increase by just $35 a month, but he'll save $11,540 in premiums through age 79. If he waits until 65, the monthly premium will tick up to $239.20, but he'll save an additional $4,552 on total premiums.”

The only problem with waiting is developing an illness or a disease that is triggered by the aging process. For instance, someone that suffers from the onset of early dementia might be out of luck when it comes to paying for care. However, most financial planners recommend purchasing an Ohio long term care insurance policy before you reach the age of 65. Sixty-five is also the qualifying age for receiving Medicare health insurance benefits.

Long Term Care Insurance Ohio Rates

Let’s break down the costs of Ohio long term care insurance by age.

Age 55 for Individual

Average Cost: $2,007-per-year

Low Cost: $1,764

High Cost: $3,446

Age 55 for Couple

Average Cost: $2,466-per-year (combined)

Low Cost: $2,080

High Cost: $4,824

Age 60 for Couple

Average Cost: $3,381-per-year (combined)

Low Cost: $2,794

High Cost: $5,637

Things change when individual policies are taken out at the age of 65 -- similar to how they would if you take out a Cincinnati life insurance policy at a later age. For a 65-year-old male, the annual cost of long-term care insurance is $2,460. A female reaching the same age can expect to pay an average annual rate of $4,270. For a combined policy covering both spouses, the average cost of long-term care insurance runs $4,675 annually.

In addition to the cost factors we mentioned above, you also have to consider the geographic factor. For example, an Ohio long term car insurance policyholder living in Cleveland can expect to pay more per year for coverage than what a policyholder living in Zanesville pays for LTC insurance coverage.

Conclusion: Tips for Buying LTC Insurance

You have read about the importance of having a safety net to cover long-term care needs as you grow older. Now, let’s see what the United States government has to say about buying Ohio long term care insurance.

Do Not Buy More Coverage than You Need

You should factor in other sources of money, such as family members and the equity that has grown in your securities portfolio.

Do Not Under Buy

LTC insurance is not something you want to treat like a luxury. Purchase enough coverage that accounts for your age and health.

Scrutinize Every Policy

Ohio long term care insurance varies among insurers. Since there is not a generic policy, you have to review different policies closely to determine the differences.

It is Not Just Room and Board

Linens, supplies, and prescription drugs are just three of the expenses you need to account for if you spend time at a nursing home or an assisted living facility.

Above all, never feel pressured into making a decision. Purchasing Ohio long term care insurance requires you to spend the time necessary to conduct thorough research of both insurers and policies. Give our Cincinnati health insurance brokers a call at (513) 984-5991 to help you make the best decision given your situation.


bottom of page