With economic volatility reaching levels never seen before, healthcare costs are being pushed higher than ever. As a result, planning for long-term care (LTC) has become an integral part of life for aging Nevada residents. Planning for LTC insurance in Nevada helps protect residents from major expenses associated with assisted living facilities, nursing homes, and hiring in-home care workers, none of which are covered by Medicare. However, there are tailored options available through the state and private agencies that give residents the empowerment to prepare for their future care.
LTC insurance eligibility is usually at its peak for younger residents, and it’s also more affordable. The optimal time to purchase LTC insurance in Nevada is in one’s 50s or even early 60s, and eligibility will generally be based on the following:
Unlike many other states, Nevada does not currently participate in the Long-Term Care Partnership Program to help protect personal assets, so policies here do not carry Medicaid asset protection benefits.
The raw cost of an LTC insurance policy in Nevada and the resulting premiums will depend heavily on the details of the chosen plan, the policyholder, and the evaluation of the insurance company underwriters. Some of the key elements that impact the cost of an individual’s LTC insurance include:
When putting the cost of long-term care insurance into useful context, it can be helpful to look at what it’s going to cost for long-term care, on average. Here’s what residents of Nevada can expect to pay, per year, versus an adjacent national average.
Private nursing home room: $148,740 or $123,913 national median cost.
Assisted living facility: $60,000, versus the national average of $68,112.
Home care: $69,696 (44 hours/week). The national median is $68,640.
Even though Nevada doesn’t offer a state-backed LTC insurance fund, residents can still benefit from state-enforced standards for coverage, which apply to both state and federal Medicaid options.
There are a growing number of Nevadans who are opting for hybrid LTC insurance products that fold LTC coverage into life insurance policies or other annuities that provide long-term benefits. These are wildly flexible plans that help make sure benefits are either used or transferred to a beneficiary.
Under the Nevada Division of Insurance, all LTC policy terms must meet strict disclosure requirements. Companies must offer inflation protection and a 30-day review period, allowing policyholders to cancel for a full refund.
Nevada Medicaid covers long-term services for qualifying individuals with low income and minimal assets. The biggest downside, though, is that applicants have to spend down resources—something private insurance can help avoid.
There’s no single best solution for LTC insurance in Nevada, and your personal “best” plan or policy should reflect your personal goals, unique financial situation, and family structure. That said, there are three main things to keep in mind when you’re browsing potential options:
LTC planning can become overwhelmingly complex for some Nevadans, but at Lavine LTC Benefits we understand the unique insurance landscape of our state, and our specialists can help make the most of your options. We’ll help you secure a plan that aligns with your present, and your future. Reach out today to get started.
If you want personalized guidance for your insurance decisions, you can trust Lavine LTC Benefits to help you find the best solutions for your needs. We will be there at every step of your insurance journey to turn Long-Term Care Insurance into a benefit that will be of value to You and Your family. Reach out to us today to learn more.
Lavine LTC Benefits proudly serves clients in Washington State, Oregon, California, Colorado, Arizona, New Mexico, and Nevada.
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