Ohio Long Term Care Insurance Information & Statewide Cost Data
According to survey sponsored by Genworth Financial, the average annual cost of a nursing home in Ohio is $74,825 for a private, one bed room and $67,890 for a semi-private room, which is slightly below the national average. Long Term Care is obviously not only limited to nursing homes. Care, both medical and non-medical in nature, may also be received in home or assisted living facilities. Caregiving families in Ohio spend on average $42,328 for a Medicare Certified Home Health Aide and $39,330 for an assisted living facility. Costs can vary significantly by region within the state, here are the median costs for 2010:
| Region | Home Health Aide Hourly Rate (Medicare Certified) |
Assisted Living Facility Monthly Rate (Private room) |
Nursing Home Daily Rate (Semi-private room) |
Nursing Home Daily Rate (Private room) |
| Akron | $17 | $3,448 | $203 | $222 |
| Canton - Massillon | $17 | $3,458 | $184 | $195 |
| Cincinnati - Middletown | $19 | $3,600 | $190 | $210 |
| Cleveland - Elyria - Mentor | $19 | $2,850 | $195 | $208 |
| Columbus | $19 | $3,930 | $188 | $226 |
| Dayton | $19 | $3,845 | $190 | $214 |
| Lima | $18 | $2,910 | $182 | $210 |
| Mansfield | n/a | $2,759 | $174 | $184 |
| Sandusky | $16 | $3,162 | $185 | $212 |
| Springfield | $17 | $2,400 | $200 | $216 |
| Toledo | $19 | $3,425 | $197 | $226 |
| Youngstown-Warren - Boardman | $15 | $2,874 | $195 | $212 |
| Rest of State | $16 | $2,624 | $160 | $184 |
Without insurance, people must pay their Long Term Care costs out-of-pocket until assets are at low enough levels to be eligible for Medicaid assistance. Medicaid program of Ohio requires that residents must have assets of $1,500 (individual) or $2,250 (couple) to qualify.
Ohio Long Term Care Insurance Partnership Program
On September 1, 2007, Ohio Revised Code 5111.18 enabled the Ohio Department of Job and Family Services, in collaboration with other departments such as the Department of Insurance, and Department of Aging, to establish a partnership with the Ohio insurance industry. Named as Ohio's Partnership for Long Term Care Insurance, the program aims to encourage sale and marketing of quality but affordable policy plans to Ohioans who may turn to Medicaid for their future Long Term Care needs.
Partnership insurance allows asset protection. Every dollar the policy pays out in benefits matches an equal amount of the policyholder's assets that is protected from being spent down should he apply for Medicaid assistance, after using up the insurance benefits of his private insurance policy. This is called Medicaid Asset Protection. The asset a policyholder may retain is the total of the amount paid by the policy and the Medicaid asset limit. Therefore, if the partnership policy has paid $30,000 of Long Term Care benefits and services, an individual may keep $31,500 of assets and still be eligible for Medicaid program, provided all other requirements are satisfied during application.
Long Term Care Partnership Policy
Aside from the hallmark feature of Medicaid Asset Protection, Partnership policies include the following features:
- Inflation protection minimums - A 3% minimum inflation benefit (compound or linked to consumer price index) included in policies issued to policyholders aged 60 or below while 3% inflation benefit (simple or linked to CPI) for those aged 61 to 75. Inflation benefit is optional to Ohioans aged 76 and above.
- Access to Medicaid program even when the Partnership policy benefits are not exhausted. You may visit www.jfs.ohio.gov/ohp for information on Medicaid eligibility.
- Private insurance policies purchased on or after August 12, 2002 may be exchanged to Partnership policies. You can contact your insurance carrier or agency for more information.
- Reciprocity agreement, wherein policyholders are allowed to claim Medicaid Asset Protection benefits in a state other than where the Partnership policy was obtained.
Obtaining a Partnership Policy in Ohio
Partnership LTC insurance is open to all residents of Ohio but all applications are subject to underwriting approval from the insurance carrier. You may apply at any time; however, the earlier one applies, the higher the chances of getting approved. An insurance agent that specializes in Long Term Care insurance can help you find the best policy for your age, health and financial goals. If one of your long term goals is to leave inheritance to your children and grandchildren, then a Partnership policy may be for you.
A qualified Partnership policy may be purchased from a licensed insurance agent. Participating insurance companies in Ohio are listed below:
- American General Life Insurance Co
- Assurity Life Insurance Co
- Bankers Life and Casualty Co
- Genworth Life Insurance Company
- Great American Life Insurance Co
- John Hancock Life Insurance Co
- LifeSecure Insurance Co
- Massachusetts Mutual Life Insurance Co
- Minnesota Life Insurance Co
- Mutual of Omaha Insurance Co
- Northwestern Long-Term Care Insurance Co
- Penn Treaty Network America Insurance Co
- Prudential Insurance Co of America
- State Farm Mutual Automobile Insurance Co
- Transamerica Life Insurance Company
- United HealthCare Insurance Co
- United of Omaha Life Insurance Co
- Unum Life Insurance Company of America
For further information, you may contact your local county department of job and family services or local department agency on aging.
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