Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years. 1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years. 2
In 2024, the average cost for 3 years of long-term care in Tennessee is $292,332 ($97,444/year). That cost is projected to be $581,682 ($193,894/year) in 2044. 3
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding. 4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64. 5
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Your long-term care insurance cost in Tennessee will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
Tennessee Long-Term Care Partnership Program policies are available. Partnership policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
The unique asset protection benefits of a Tennessee Long-Term Care Partnership policy apply if your care needs last longer than the benefits of your Partnership policy. For every dollar your Partnership policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit (TennCare). The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Rates for a Tennessee Long-Term Care Partnership Program policy are like regular plans. Still, we recommend comparing them with non-Partnership policies because you may find other options better suited to your needs. This includes hybrid long-term care insurance plans not available under the Tennessee Long-Term Care Partnership Program.
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Tennessee does participate in the national reciprocity agreement. Reciprocity allows you to buy a qualifying Long-Term Care Partnership policy in another state and maintain the special asset protection benefit if you move to Tennessee. The State of Tennessee will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your LTC Partnership policy before moving to Tennessee. The majority of states have reciprocity, but not all.
We represent several highly rated long-term care insurance companies in Tennessee. We compare these insurance companies to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Tennessee:
Our Tennessee LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
If you are shopping for long-term care insurance, then I strongly recommend that you contact Craig Matesky … More at ACACIA Insurance Services. Craig helped me get the best policy for my needs and budget. He is knowledgeable, friendly, and was always available to address my concerns. Thanks Craig!
I have had the good fortune to work with Rhona Unsell in getting my LTC policy. Ms. Unsell is a true … More professional – her expertise, her ability to listen and to provide accurate information – all were so valuable to me. In making important life decisions, qualities like trust, knowledge, and the understanding of how to listen to a client’s needs are critical. Rhona has all these qualities and more. I strongly recommend Ms. Unsell to anyone looking for excellent ongoing service and a caring attitude.
With the new long term care laws passed in Washington State, I was in the market for private LTC insurance. … More I worked with Michael Berger and I was blown away with how hard he worked to get me a plan that met my needs. As the market changed during this process, he was always the first on the phone explaining options and walking through what's next. I was able to get a great plan, at a great price, and can't recommend him and this group enough!
My wife and I had a teleconference with Marcia, a Long Term Care Planning Specialist with Acacia Insurance … More Services.Marcia was very knowledgeable, personable, and entertaining during our 1.5 hour meeting. To be honest, the meeting did not seem that long at all as Marcia kept the ball rolling by going over various options for LTC.We feel like we lucked out getting her as our contact.Well done, Marcia!
Marcia is among the best insurance brokers I've ever encountered. She's intuitive, understanding, … More conscientious, and always concerned first for the client. She found the best policy for me, assisted me through the application process, smoothed out the inevitable wrinkles, and always followed up like the new friend she is. I recommend her highly.
Our decision to buy long term care insurance was a smart one. My husband received home care benefits … More for over three years before he passed away. Now I've been getting home health care paid by the policy for almost two years. It has greatly reduced the burden on our family and our savings. We are so grateful for the ACACIA Insurance agent that sold us our long term care policies and assisted us with the claims process.
For over 30 years, ACACIA has specialized in long-term care planning. We provide nationwide access to highly rated insurance companies, multiple plan options and professional LTC advisors.
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