Virginia Long-Term Care Insurance Planning
Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
- Traditional & Partnership Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
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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.
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Did You Know?
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 Virginia is $351,057 ($117,019/year). That cost is projected to be $769,212 ($256,404/year) in 2042.3
Understand Long-Term Care Costs
Virginia Long-Term Care Costs – 2024 (annual) | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| Virginia State Average | $117,019 | $67,741 | $58,837 |
| Alexandria-Arlington | $170,440 | $88,958 | $68,301 |
| Blacksburg-Christiansburg-Radford | $109,045 | $75,715 | $65,169 |
| Charlottesville | $113,676 | $69,655 | $62,098 |
| Harrisonburg | $130,853 | $66,119 | $48,886 |
| Lynchburg | $97,411 | $63,110 | $62,201 |
| Richmond | $118,042 | $71,630 | $54,377 |
| Roanoke | $126,015 | $59,490 | $57,137 |
| Staunton-Waynesboro | $115,109 | $64,678 | $55,492 |
| VA Beach-Norfolk-Newport News | $125,646 | $71,755 | $53,149 |
| Winchester | $159,052 | $78,780 | $60,122 |
Source: Nationwide Financial annual cost of care survey conducted by HVS, site accessed 3/25/2024
Does Medicare Cover Long-Term Care?
No, Medicare does not pay for 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
When To Buy Long-Term Care Insurance
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
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.
How Much Does LTC Insurance Cost in Virginia?
Long-term care insurance rates in Virginia depend on your age, health history, plan design and type of coverage selected. With plan design, the following lets you choose how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
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Virginia Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Virginia.
Traditional LTC Insurance—Virginia Long-Term Care Partnership
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care policies purchased
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will NOT increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Annuities with LTC >
Understand LTC Partnership Plans
Virginia Long-Term Care Partnership Program
Virginia Long-Term Care Partnership Program policies are available. These 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 Virginia Long-Term Care Partnership policy applies if your care needs last longer than the benefits of your Partnership policy. For example, for every dollar your Partnership policy pays in benefits, a dollar of assets is protected from the long term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery (PDF) in the same amount as the benefits paid by your Partnership policy.
Virginia Long-Term Care Partnership policy rates are like regular policies. We still recommend comparing them with non-Partnership policies because you may find alternatives better suited to your needs. This includes hybrid long-term care insurance plans not available under the Virginia Long-Term Care Partnership Program.
Partnership Reciprocity
Virginia 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 Virginia. The State of Virginia will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your policy before moving to Virginia. The majority of states have reciprocity, but not all.
Long-Term Care Insurance Companies in Virginia
We offer a wide range of long-term care insurance plans in Virginia. You’ll get comparisons of several highly rated insurance companies to find the right plan at the lowest cost. Here is a list of long-term care insurance providers in Virginia:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Lincoln Financial (MoneyGuard)
- Mutual of Omaha
- National Guardian Life (NGL)
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- State Farm
- Securian Financial
- State Life Insurance Company (OneAmerica)
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Virginia 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
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About the Author: Craig Matesky
Reviewed by: Mike Berger