Best Washington Long-Term Care Insurance (2024)
Discover the Best Long-Term Care Life Insurance options in Washington for secure and comprehensive future planning. Our extensive resources provide valuable information to help you make informed decisions about protecting yourself and your loved ones. From understanding policy coverage to evaluating costs and benefits, we guide you through the process of finding the ideal long-term care life insurance solution tailored to your specific needs.
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Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
Licensed Insurance Agent
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- A few of the best long-term care insurance companies in Washington State include OneAmerica, National Guardian Life, Lincoln Financial, and Nationwide
- Your long-term care insurance rates will depend mostly on your age and health status when you purchase the policy, as well as your policy coverage details
- Citizens of Washington State can benefit from the country’s first state-run long-term care benefits program called the WA Cares Fund
- You may want to consider purchasing private long-term care insurance if you are not eligible for WA Cares benefits or if you want higher coverage limits or additional benefits
Welcome to our comprehensive guide on finding the best long-term care life insurance in Washington State. Planning for your future care needs is essential, and having the right insurance coverage can provide the necessary financial protection and peace of mind. In this article, we will explore the key factors to consider when selecting long-term care life insurance, including policy options, coverage details, benefits, and costs.
We understand the importance of making informed decisions about your insurance coverage, and that’s why we offer a simple and effective solution. Enter your ZIP code to compare rates from the best insurance providers in Washington State. Take the first step towards securing the best long-term care life insurance and ensuring a secure future for yourself and your loved ones.
What are the best long-term care insurance providers in Washington State?
If you were to become injured or disabled while working in Washington State and required income to continue your lifestyle, you have a few different options. You could choose to pay for long-term care out of your own pocket with savings or equity in your home. Some people may also qualify for Medicaid or VA benefits. However, you could also receive long-term care benefits from the WA Cares Fund or from a private long-term care insurance policy.
Below are some of the best long-term care insurance companies in Washington State.
OneAmerica
OneAmerica is a long-term care insurance company in Washington State that combines long-term care insurance with life insurance or an annuity. In this case, you would pay for long-term care insurance, but if you didn’t use the benefits you would leave them as a death benefit for your beneficiaries.
National Guardian Life (NGL)
National Guardian Life’s (NGL’s) EssentialLTC long-term care policy includes various riders and benefits, such as a return of premium rider and flexible payment plans. In addition, NGL has received an A rating from A.M. Best, which indicates excellent financial strength.
Lincoln Financial
Lincoln Financial offers multiple long-term care insurance policies. However, one of its most popular policies is a hybrid policy that gives you the advantage of leaving a tax-free death benefit to your beneficiaries if you don’t use the long-term care benefits.
Nationwide
Nationwide offers stand-alone long-term care insurance policies or a long-term care add-on for life insurance policies. In addition, the benefits from Nationwide are paid in cash.
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How much does long-term care insurance in Washington State cost?
According to the American Association for Long-Term Care, the average long-term care insurance rates for a person in Select health (a lower rating than Preferred health) are as follows:
Average Long-Term Care Insurance Rates for $165,000 Benefit by Age and Gender
Age & Gender | Average Annual Long-Term Care Insurance Rate |
---|---|
55-Year-Old Male | $950 |
55-Year-Old Female | $1,500 |
Couple Both Age 55 | $2,080 |
60-Year-Old Male | $1,175 |
60-Year-Old Female | $1,900 |
Couple Both Age 60 | $2,600 |
65-Year-Old Male | $1,700 |
65-Year-Old Female | $2,700 |
Couple Both Age 65 | $3,750 |
Your age and health status at the time of purchase are the two most important determinants of your long-term care insurance rates in Washington State. However, your rates will also depend on your policy features. For example, you will need to choose the coverage amount, a benefit period, a daily benefit amount, an elimination period (the number of days you will pay for yourself before insurance takes over), and whether you want inflation protection.
What is the WA Cares Fund?
The WA Cares Fund is the first state-run long-term care benefits program that is paid for with a long-term care insurance Washington State tax that is deducted from employees’ payroll. In exchange for paying the small tax, citizens of Washington can receive long-term care benefits if needed.
This long-term care insurance Washington State law went into effect on January 1, 2022. Employees must now contribute $0.58 for every $100 they earn, which adds up to about $302 per year based on the average annual earnings for a citizen of Washington. The tax rate for this program will be re-evaluated every two years.
In order to be eligible for benefits, you must be employed for at least 10 years, without a break of five or more years, OR work for at least 500 hours per year for three out of the six years preceding your benefits application.
The WA Cares Fund will begin paying benefits up to $36,500 in January 2025. They may cover professional in-home care, support for family caretakers, assisted living facilities or nursing homes, adaptive equipment and technology, home modifications, meals and transportation, dementia support, care transition coordination, and education and consultations.
It is possible to file for a long-term care insurance Washington State opt-out if you wish to be exempt from paying the tax. However, there may be requirements that you must meet in order to qualify for an exemption. You should also keep in mind that you cannot re-enroll in the WA Cares Fund if you are granted an exemption.
Should I buy long-term care insurance in Washington State?
If you are not eligible to receive the WA Cares Fund benefits, you may want to consider buying private long-term care insurance. For example, if you plan to retire before working long enough to receive benefits, you may not be eligible for the WA Cares Fund.
Many people may want to consider buying private long-term care insurance to have higher coverage limits. When you buy long-term care insurance from a private company, you can choose a higher level of benefits than is provided by the WA Cares Fund. You could also combine the benefits from both programs, or you can file for an exemption from the state fund and use just your private benefits.
Private long-term care insurance policies may also include additional benefits, such as an optional death benefit, out-of-state coverage, return of premium riders, and the ability to add a partner or spouse to the policy.
If you would like to compare long-term care insurance quotes in Washington State, enter your ZIP code into our free quote comparison tool below.
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Frequently Asked Questions
What is long-term care insurance?
Long-term care insurance helps to cover expenses associated with chronic illness, disability, or other medical conditions. It reduces the risk of using retirement savings for medical issues that arise.
Who are some of the best long-term care insurance providers in Washington State?
Some of the best long-term care insurance providers in Washington State are OneAmerica, National Guardian Life, Lincoln Financial, and Nationwide.
How much does long-term care insurance cost in Washington State?
The cost of long-term care insurance depends on various factors, such as age, health status, policy features, etc. On average, the rates for a person in Select health are around $2,050 per year.
What is the WA Cares Fund?
The WA Cares Fund is a state-run long-term care benefits program that provides long-term care benefits to citizens of Washington who meet specific work requirements. The program is paid for with a long-term care insurance tax that is deducted from employees’ payroll.
Should I buy long-term care insurance in Washington State?
If you are not eligible for the WA Cares Fund benefits, you may want to consider buying private long-term care insurance. Private long-term care insurance policies may have higher coverage limits and additional benefits. You could also combine the benefits from both programs, or you can file for an exemption from the state fund and use just your private benefits.
Compare The Best Insurance Quotes In The Country
Compare quotes from the top insurance companies and save!
Secured with SHA-256 Encryption
Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.