MA Average daily benefit purchased: $ 159 per day.

There are over 6.5 million people who call Massachusetts home, and according to the US Census, over 900,000 of those residents are 65 years or older. That’s close to 1 million people and counting in the Bay State who will increasingly need and use Long Term Care services such as home health care and care in nursing homes. If not prepared with Long Term Care Insurance, this rapidly rising number of seniors will put increasing economic stress on families and the state of Massachusetts. In 2011, the total Long Term Care Medicad expenses in Massachusetts were over $3.7 billion.

Massachusetts residents have the choice of around 17 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services. This selection of Long Term Care insurance companies is helpful when planning for retirement and securing your financial future.

The Masshachusetts Long Term Care Partnership program is a joint partnership between the state’s Medicaid program and the insurance companies. The program was designed to help Bay Staters protect their assets by providing an incentive to buy a Long Term Care Insurance policy. In other words, Medicaid will take over after private insurance expires, and those who participate in the partnership program never have to spend down their assets for long term care.

Most Popular Long Term Care Companies in Massachusetts

  • 1) Genworth
    2) Mutual of Omaha
    3) Mutual of Omaha Mutual Care Plus
    4) Genworth Privileged Choice Flex
    5) Mass Mutual, Signature Care MM-5002011
    6) Mass Mutual
    7) Mass Mutual, Signature Care MM-500
    8) Transamerica
    9) Prudential
    10) United of Omaha Assured SolutionsGold
    11) Prudential LTC3 2005
    12) New York Life LTC Select Premier
    13) New York Life LTC SelectPremier
    14) Genworthprior to 7/ 30/ 2012
    15) Northwestern Mutual TTQuietCare 2013

Most Insured Cities in Massachusetts

  • 1) Boston – last quote: $150/day
    2) Worcester – last quote: $200/day
    3) Quincy – last quote: $150/day
    4) Framingham – last quote: $150/day
    5) Medford – last quote: $200/day
    6) Winthrop – last quote: $130/day
    7) Brookline – last quote: $200/day
    8) Belmont – last quote: $150/day
    9) Mashpee – last quote: $150/day
    10) Pittsfield – last quote: $150/day
    11) Canton – last quote: $200/day
    12) Newton – last quote: $200/day
    13) Cambridge – last quote: $130/day
    14) Marblehead – last quote: $150/day
    15) Winchester – last quote: $200/day

Massachusetts Long Term Care Cost

It’s important to know the cost of long term care in your part of Massachusetts so you understand how much insurance is enough. Below is a table highlighting the cost of long term care in various regions of MA based on 2018 estimates by Genworth Financial.

Genworth’s 2018 Annual Cost of Care in Massachusetts
REGION PRIVATE NURSING HOME ROOM SEMI-PRIVATE NURSING HOME ROOM ADULT DAY HEALTH CARE ASSISTED FACILITY (PRIVATE ROOM) HOME HEALTH AIDE (44 HOURS WEEKLY)
State Median $153,300 $144,175 $17,332 $65,940 $62,005
Barnstable Town $155,673 $149,650 $15,600 $65,880 $65,780
Boston area $158,410 $149,650 $19,240 $70,200 $64,064
Pittsfield $142,350 $134,320 $17,334 $50,400 $59,448
Springfield $146,073 $137,788 $17,332 $59,400 $57,200
Worcester $145,270 $140,525 $17,293 $68,820 $61,776
Rest Of State $151,475 $143,810 $13,000 $77,400 $59,488

Massachusetts Long Term Care Insurance Premium Cost

The cost of long term care insurance premiums in Massachusetts depends on your health history and age at the time when you purchase the insurance. Premium rates tend to be lower when you are young and healthy because it will be easier to meet all requirements. Other factors that may influence the cost of LTC premiums in the Bay State include:

  1. Benefit period – this refers to the total amount of time (in years) throughout which the insurance policy will pay out benefits.
  2. Daily maximum benefit – refers to the maximum dollar amount an LTC policy will reimburse you for each day when you receive care.
  3. Elimination period – an elimination period is the length of time between when you start receiving care and when the policy starts paying for that care.
  4. Inflation protection – when selected, this policy feature ensures that the benefit dollars you receive should you need long term care in the future are adjusted for inflation.

→ Massachusetts LTC Insurance Sample Premium Calculations

LTC Tree did a few premium calculations to give you an idea of how much premium you’d need to pay in order to get long term care coverage. These sample calculations assume that the policy applicant selects an elimination period of 90 days, a daily maximum benefit of $200, and a benefit period of 3 years.

→ At Age 50

Single Male, Age 50, pays $1894 annually

Single Female, Age 50, will pay $2,277

Couple, each age 50, pays a combined $3,291 annually

→ At Age 55

Single Male, Age 55, pays $1,967 annually

Single Female, Age 55, will pay $2,381

Couple, each age 55, pays a combined $3,308 annually

→ At Age 60

Single Male, Age 60, pays $2,070 annually

Single Female, Age 60, will pay $2,963

Couple, each age 60, pays a combined $3,390 annually

→ At Age 65

Single Male, Age 65, pays $2,627 annually

Single Female, Age 65, will pay $3,921

Couple, each age 65, pays a combined $4,453 annually