Virginia Long-Term Care Insurance is a fairly recent phenomenon, due in part to the rapidly aging yet longer-living population, retirement planning of the “baby boomers”, and quickly escalating long-term health and medical costs that aren’t typically covered by traditional health insurance or Medicare. This type of insurance is especially helpful for those who develop disabilities or chronic (long-lasting) illnesses later in life. Long-term care services range from home- and community-based services to services provided in an assisted living, retirement or nursing facility. All services are typically designed and intended to improve or maintain an individual’s health in the least restrictive setting that ensures their physical and mental health, safety, and welfare. As well, services facilitated by long-term care insurance providers include help with daily living activities among the wide variety of home, facility and community settings.
Northern Virginia in particular is an area experiencing a very rapid growth in the need for this sort of insurance, especially in the fast-growing and highly-transient Metropolitan Washington DC populations in the counties of Arlington, Fairfax and Loudoun. Insurance for long-term care is one of the fastest-growing types of health-related coverage in terms of policy-holders, due to the very high regional costs of living and medical care, the lack of reasonable public transportation options, and the large numbers of Federal and Military retirees remaining after service in the area.
Additionally, the rapid growth of planned developments (such as the Dulles South communities of South Riding or Brambleton, in Loudoun County) and infill property over the past ten years, without consistent regional or community planning for retirement facilities, is beginning to squeeze the capacity of existing facilities. Regional volunteer and community services are being leveraged at consistently high rates, such as the Northern Virginia Long-Term Care Ombudsman Program in Fairfax, VA. This program was established in 1985 to advocate for persons receiving long-term care services to ensure the highest quality of life and care. It serves the city of Alexandria and the counties of Arlington, Fairfax, Loudoun and Prince William through their Area Agencies on Aging.
There is a great deal of choice and flexibility in long-term care insurance policies. Most persons can select a range of care options and benefits that allow them to get the services they need in the most suitable settings. The cost of long-term care insurance policies are based on the type and amount of services covered, the age when the policy is purchased, and any optional benefits such as Inflation Protection. Some applicants who may already be in poor health or receiving long-term care services may not qualify for long-term care insurance.
In Virginia, there are several very unique and worthwhile supplemental programs to assist with Long-Term Care Insurance needs and situations. For example, The Virginia Long-Term Care (LTC) Partnership (http://valtcpartnership.org/va-ltc-insurance/) is designed to reward Virginians who plan ahead for future long-term care needs. With the Partnership’s Dollar-For-Dollar Asset Protection, Virginians can protect personal assets if there is a need to apply for Medicaid. This innovative alliance between private insurance companies and the state government protects Virginians from depleting all of their savings and assets to pay for long-term care, while still enabling qualification for Medicaid Coverage. Medicaid usually only pays for long-term care only after existing savings or assets are exhausted.