Long Term Care Insurance in Washington

According to the recent study conducted by the Genworth Financial's 2009 Cost of Care, Washington ranks third among other states with the highest expenditures for home health aide services.

To allow people to protect property and to guarantee a dignified life in the future, Washington hopes that the adoption of the Partnership program, following the lead of other states, is the key solution to the rising impediments of LTC within the state. The implementation of LTC partnership in this state is presently being studied by its legislators and when once approved, the program will be a collaboration of private insurance companies and state agencies, namely the Washington State Department of Social and Health Services and the Office of the Insurance Commissioner.

This Partnership program in WA grants individuals to protect assets from being used as they pay for their long term needs. People who buy an LTC policy from insurance providers that are participants in the partnership are able to protect their assets beyond the limit that Medicaid normally allows. Amount of funds that are not counted for Medicaid eligibility is the same insurance benefits covered by the policy of partnership.

In WA, LTC partnership policies must automatically cover inflation protection specifically for individuals through 79 years of age. This is mandated by the Washington State Office of the Insurance Commissioner. Also, protection against inflation is optional for policies issued to persons aged 80. Not only this, policies must be guaranteed renewable within a period of six months and must provide coverage for nursing home and other care plan and an optional coverage benefit for home and community-based care.

Moreover, insurance companies must offer case management services and provide policyholders a notice about the LTC consumer education program. This consumer education program is established by Partnership insurance companies and state agencies to provide information on the availability LTCi and eligibility guidelines to avail asset protection.

In addition, Washington State has different regulations than other states. Generally speaking WA has strong consumer protection. In WA, LTCi premiums rates must be filed and approved by the Washington State Office of the Insurance Commissioner. Premium rates cannot be increased on a policy by policy basis. They can only be increased if justified and are raised for all policy holders within a "class."

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