Alabama Long Term Care Insurance & Cost Information
Alabama's senior residents specifically the 65 and over age group currently make up 14% of the state's total population according to the U.S. Census Bureau's data for 2011. Alabamans are living longer than most people in the country and thus the inclusion of their state in the Top 10 U.S. states with the oldest population.
However, long term care researchers have projected about two-thirds of older Alabamans will require care in their homes and in long term care facilities due to an array of health problems that will hinder them from performing their day-to-day activities. In fact, 31% of them are likely to develop Alzheimer's disease according to the 2012 report of the Alzheimer's Disease Facts and Figures. Unfortunately, only a fraction of Alabama's senior citizens have managed to work out a concrete plan for their future health care needs.
Many of them still mistakenly think that Medicaid and Medicare will shoulder their long term care expenses. In reality, both programs can only help them up to a certain extent and should they wind up requiring more than what Medicaid and Medicare are capable of providing, then they will have to figure out a solution on their own.
According to 2006 survey of Alabama residents age 35 and above, about 6 in every 10 respondents reveal that they are not sure if they could afford nursing home care for one year. The cost of Long Term Care has continuously increased over the years in many areas in Alabama, according to a statewide study conducted by Genworth Financial, a leading financial security company. Their 2012 Cost of Care surveyed the current median cost of Long Term Care in various locations across the state.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Rest of State||$17||$17||$2,525||$164||$172|
Compare the Top Providers
Alabama residents can compare the top providers of long term care insurance in the state to get the best price.
The State of Alabama rose to the challenge and hence, the birth of The Alabama Long Term Care Insurance Partnership Programwhich became effective in March 1, 2009. The Partnership Program is a beneficial and viable alternative for the citizens of Alabama as they face financial challenges in meeting Long Term Care costs.
Alabama Long Term Care Partnership Program
The Alabama Long Term Care Insurance Partnership Program is a partnership program between private insurance companies and the State of Alabama. With the collaboration of Alabama Medicaid Agency and the Alabama Department of Insurance, residents are encouraged to plan and take greater responsibility for their future care needs. The program makes it possible for Alabama residents to protect their assets from spend down requirements should they eventually apply for continued nursing home assistance from Medicaid. Assets are protected on a dollar-for-dollar basis. The amount of assets that will not be counted towards Medicaid's financial eligibility equal to the dollar amount of insurance benefits paid under their Partnership policy. Such assets will likewise not be subject to Medicaid estate recoveries.
Alabama Long Term Care Partnership Policy
Long Term Care insurance policies that meet Partnership requirements and certified by the Alabama Department of Insurance may qualify as Partnership policies. These insurance policies must meet certain requirements set forth in the Deficit Reduction Act of 2005.
- Issue Date - The policy must be issued after the effective date of the Partnership program, i.e. March 1, 2009. A non-Partnership policy may be exchanged for a Partnership policy; directly inquire with your insurance company.
- State of Residence - An individual must be a resident of the State of Alabama when coverage first became effective.
- Inflation Protection - All Partnership policies include inflation protection. Policies issued to individuals under age 61 must provide compound annual inflation protection. Policies sold to individuals who have attained age 61 but not yet attained age 76 must include some level of inflation protection. Inflation protection may be offered, but is not required to individuals who have attained age 76.
- Qualified under Federal Tax Law - A Partnership policies must be a qualified Long Term Care insurance policy as defined in section 7702B(b) of the Internal Revenue Code of 1986.
- Consumer protection requirements defined in section 1917(b)(1)(C)(iii)(III) of the Social Security Act (42 U.S.C. section 1396p(b)(1)(C)(iii)(III).
Obtaining a Partnership Policy in Alabama
Partnership policies may be obtained from insurance carriers licensed by the Alabama Department of Insurance. Insurance agents need to receive Partnership training before they are allowed to sell, solicit, or negotiate Partnership policies. To find an Alabama Long Term Care Partnership Certified agent in your area, get a Long Term Care Insurance Quote here.
Below is a list of insurance companies participating in the Alabama Long Term Care Insurance Partnership:
- Allianz Life Insurance Company of North America
- Assurity Life Insurance Company
- Bankers Life and Casualty Company
- Berkshire Life Insurance Company
- Genworth Life Insurance Company
- John Hancock Life Insurance Company
- LifeSecure Insurance Company
- Massachusetts Mutual Life Insurance Company
- Metropolitan Life Insurance Company
- Mutual of Omaha Insurance Company
- New York Life Insurance Company
- Northwestern Long Term Care Insurance Company
- Physicians Mutual Insurance Company
- Transamerica Life Insurance Company
- United HealthCare Insurance Company
- United of Omaha Life Insurance Company
Fill out this short form to get your free quotes from all providers
We don't just offer one solution. We shop all of the major carriers in Alabama to offer you the best price. With our 35+ years of Long Term Care insurance experience, we'll save you time and money on your Long Term Care Insurance quotes. We only use your personal information to formulate your quotes and discounts. We will also email you a complimentary copy of the 2010 NAIC Shopper's Guide to Long Term Care Insurance so you can learn even more about LTCi.