Ohio Sees Increased Use of Long-Term Care Insurance Benefits

Ohio is witnessing a significant uptick in the utilization of Long-Term Care Insurance benefits, reflecting decades of policyholders needing help with daily living activities or supervision due to dementia. The growing awareness will help Ohio families manage the financial and caregiving challenges of long-term care.

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Ohio Sees Increased Use of Long-Term Care Insurance Benefits
6 Min Read March 3rd, 2024

Long-Term Care Insurance is experiencing unprecedented utilization across the United States, with Ohioans receiving record LTC Insurance benefits. This trend aligns with the demographic shift in Ohio, where the population is aging at a significant rate.

According to the U.S. Census Bureau, Ohio boasts a population of 11,785,935, with 2,768,242 individuals, approximately 23.5%, aged 50 and over. This pattern isn't unique to Ohio but reflects a broader national trend. Data from the Population Reference Bureau indicates that by 2030, one in five Americans will be 65 years or older, a proportion expected to grow to one in four by 2060. 

This population shift underscores a significant increase in the population of older Americans in the years to come, highlighting the growing importance of addressing the needs and challenges of an aging society.

Millions Paid in LTC Benefits in Ohio

In the last reporting year (2021), according to the AHIP Long-Term Care Insurance Coverage report, $445,532,200 in traditional Long-Term Care Insurance benefits were paid to Ohio families, helping them access quality long-term care services, including in-home care. That amount does not include hybrid and other types of policies paying long-term care benefits. 

The amount of benefits paid by LTC Insurance continues to grow. In 2023, the top insurance companies paid over $14.1 billion in Long-Term Care Insurance benefits across the United States. This substantial amount emphasizes the concrete financial assistance that Long-Term Care Insurance offers its policyholders while pointing to the increasing need for long-term care services.

Since the inception of the Long-Term Care Insurance industry, Ohioans have received $5,410,658,000 in benefits, showcasing the historical impact of LTC Insurance in the state. Despite skepticism from some about the value of these policies and their benefit payouts, Ohio families are witnessing firsthand how these benefits safeguard income and assets, ensure access to quality care of choice, and alleviate the stress and burdens that would otherwise fall on Ohio households.

Long-Term Care Costs Rising in Ohio

Since traditional health insurance, including Medicare, pays for short-term skilled care only, the financial impact of long-term care services is immense. The growing demand for care, driven by an aging population and advances in medical science that extend lifespan, is increasing the cost of care services nationwide, including in Ohio.

The combination of increased demand for care, labor shortages, escalating labor costs, and inflation is causing long-term care costs to skyrocket. Without Long-Term Care Insurance, which covers these services in both home and facility settings, Ohioans would experience significant financial strain. 

Many would have to rely on adult children, often daughters or daughters-in-law, to step in as caregivers, placing immense pressure on family caregivers trying to balance their careers, spouses, children, and caregiving responsibilities.

LTC Costs Vary Throughout Ohio

The LTC NEWS Cost of Care Calculator for Ohio shows the average cost of in-home care (based on a 44-hour week) is $4,703 monthly. By 2044, the cost of in-home care is expected to be $8,013 monthly.

However, metro areas will cost Ohioans more. Compare in-home costs to the Ohio statewide average:

  • Ohio Average: $4703 per month
  • Cincinnati: $5028 per month
  • Cleveland: $5029 per month
  • Columbus: $5017 per month
  • Dayton: $5265 per month
  • Toledo: $4,881 per month

Assisted living, memory care, and nursing homes will all cost more than in-home care, although 24/7 in-home care can be more costly than assisted living.

Ohio LTC Insurance Partnership Program: A Closer Look

The Ohio Long-Term Care Insurance Partnership Program, also known as LTC4Me, is a collaborative effort between the state of Ohio and private insurance companies to encourage Ohioans to plan for their long-term care needs. 

Authorized under federal law, here's a breakdown of its key aspects:

  • Collaboration and Benefits: Established in 2002, the program is a partnership between the Ohio Department of Insurance and private insurers offering "partnership qualified" Long-Term Care Insurance policies. These policies provide coverage for long-term care services like assisted living, nursing homes, or home care while also offering a unique benefit: Medicaid asset protection.
  • Medicaid Asset Protection: Otherwise known as "asset disregard," this dollar-for-dollar asset protection is not available with standard LTC Insurance policies in Ohio, helping individuals preserve their assets if they need to qualify for Medicaid to cover long-term care costs in the event they exhaust their LTC policy benefits. Typically, Medicaid eligibility involves stringent asset limitations, forcing individuals to deplete their savings to qualify for assistance.
  • How it Works: When individuals purchase a partnership-qualified LTC policy and use it to pay for qualifying long-term care services, they are allowed to keep a greater portion of their assets equal to the amount of policy benefits that were paid out if they must apply for Medicaid later. This financial protection can provide peace of mind, knowing that no matter what happens, they will never lose everything they have worked hard for their entire life.

What is the Partnership Program in Long-Term Care Insurance?

When Should Ohioans Buy Long-Term Care Insurance?

Incorporating Long-Term Care Insurance into your retirement strategy is becoming essential. While many opt for coverage in their 40s or 50s, policies are accessible from age 21 and potentially up to the 80s, health permitting.

Your health primarily determines your eligibility for an LTC policy. Each insurance company follows its own underwriting guidelines, which can vary significantly.

Seeking advice from a seasoned Long-Term Care Insurance specialist is vital. Such a professional, representing leading insurers, can navigate you through the array of policy choices to find the one that aligns with your situation.

Your age and health at the time of application partly influence your premiums. Generally, the younger and healthier you are, the more affordable the LTC policy will be.

Finding Quality Long-Term Care Services in Ohio

Ensuring you and your loved ones receive the quality long-term care you need is paramount. Long-Term Care Insurance opens the door to high-quality care options. However, selecting the right caregiver or facility is crucial for enhancing the quality of life for those requiring long-term care, regardless of whether you have a policy.

The LTC NEWS Caregiver Directory is here to help you locate top-notch care across Ohio or anywhere in the U.S. With the ability to search by service type and location, you can refine your choices by exploring service descriptions and ratings. Best of all, this extensive resource is entirely free to use.

Note, if you are a long-term care service provider in Ohio (or anywhere in the U.S.), you can claim your free listing and even upgrade your listing - LTC News Directory Business Portal.

If you have an LTC policy, LTC NEWS is here to assist Ohioans and their families with the claims process for any Long-Term Care Insurance policy. In collaboration with Amada Senior Care, a nationally renowned in-home health care agency, we make the claim process easier so your loved one receives the policy benefits as soon as possible. 

It's important to note that this service is provided at no cost or obligation when filing a Long-Term Care Insurance claim - Filing a Long-Term Care Insurance Claim.

Is Your Family Ready for the Future?

For every Ohio family, aging is an inevitable journey, underscoring the importance of being prepared to protect your financial well-being and ease the potential stress on your loved ones.

Putting off discussions about long-term care or neglecting to investigate affordable LTC Insurance options can result in escalating costs and strain on your family.

Adding an LTC Insurance policy to your retirement plan will offer invaluable peace of mind to you and your loved ones by safeguarding against the financial uncertainties of aging. Your 401k will be protected, in addition to other savings and investments, and your loved ones will have the time to be family instead of becoming caregivers. 

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

Incorporating Long-Term Care Insurance into a comprehensive retirement plan is not just a strategic move; it's necessary for anyone looking to secure their future and that of their loved ones. 

As life expectancies increase and long-term care costs continue to rise, the possibility of needing long-term care becomes more likely. LTC Insurance ensures access to quality care when it's most needed and safeguards your hard-earned assets and income from the potentially devastating costs of care. 

By planning ahead with LTC policy, you're not just preparing for the uncertainties of aging; you're taking a proactive step towards maintaining your lifestyle and legacy without imposing undue financial or emotional stress on your family.

Top reasons LTC Insurance should be part of your retirement plan include:

  • Access to Quality Care: Ensures you receive the best possible care, whether at home, in assisted living, or a nursing facility.
  • Income and Asset Protection: The policy shields your savings and assets from the high costs of long-term care, preserving your financial security.
  • Preservation of Lifestyle: Allows you to maintain the standard of living you're accustomed to, even if you require long-term care.
  • Legacy Protection: Protects your estate and ensures your legacy is passed on to your heirs, not spent on healthcare costs.
  • Ease Family Burden: Relieves your loved ones from the physical, emotional, and financial strain of caregiving, allowing them to remain your family, not your caregivers.

How To Apply For Long-Term Care Insurance | LTC News

Most people obtain coverage in their 40s or 50s, but there are affordable options for those in their 60s and even older, depending on their health. 

Search for Long-Term Care Insurance with Expert Guidance

Working with a Long-Term Care Insurance specialist can make finding the right policy much simpler and more cost-effective. These experts have a comprehensive understanding of the offerings from top-rated insurers and will customize their advice to suit your specific needs. They're skilled at navigating how your age and health status may impact your policy choices and costs, ensuring you get coverage that's both affordable and meets your requirements.

A specialist's value extends beyond just policy selection; they understand underwriting, federal and state regulations, and tax benefits. An LTC specialist will explain the features and benefits of each policy. Since premiums vary dramatically between insurance companies, you can shop at all the top companies and get accurate quotes from each company to make an improved decision based on unbiased information. 

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