Long-Term Care Insurance
Is planning for the future a heavy load? When most Montanans think about retirement, we think about how much money we’ll need to live on after we quit working. But sometimes income is only part of the picture. What if you need help to live independently in your home? What if you require specialized assistance in senior housing? Such care can quickly drain your savings.
Long-term care insurance pays for this kind of care. But long-term care insurance can also be very expensive — beyond the reach of many Montanans. And insurance is not the only way to get the care you may need. Depending on your age, disability, or income, there may be public programs to help. There are no easy answers. In many cases, long-term care insurance may not be the best bet for you.
To Buy or Not to Buy
The state’s Senior Long-Term Care program also has information on their website about services Medicaid may cover, as well as housing assistance in Montana.
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Long-term Care Partnership Plans?
Medicaid will pay for long-term care, but only if a person has few assets. Some elderly Montanans may need to “use up” their assets in order to qualify. There is a separate kind of insurance available in Montana that can protect you from the need to spend down your assets in order to qualify for Medicaid long-term care assistance. This is called a “long-term care partnership plan.” More information about this type of insurance is available on the MSU Fact Sheet.
Long-term care partnership policies are not available from every insurance company. We keep a list of all the companies who sell such policies in Montana.
Assurity Life Insurance Company
Bankers Life and Casualty Company
Berkshire Life Insurance Co. of America
Genworth Life Insurance Company
John Hancock Life Insurance Company (USA)
LifeSecure Insurance Company
Massachusetts Mutual Life Insurance Company (forms offering ends January 28, 2021)
MedAmerica Insurance Company
Metropolitan Life Insurance Company
Mutual of Omaha Insurance Company
New York Life Insurance Company
Northwestern Long Term Care Insurance Company
Prudential Insurance Company of America
State Farm Mutual Automobile Insurance Company
Thrivent Financial for Lutherans
Transamerica Life Insurance Company
United of Omaha
Penn Treaty Liquidation
Penn Treaty Network America Insurance Company and American Network Insurance Company are affiliated long-term care insurance companies that went into liquidation on March 1, 2017. Information about the companies’ liquidation can be found on Penn Treaty’s website, http://www.penntreaty.com/Liquidation.aspx.
The life and health insurance guaranty associations in the states where Penn Treaty and American Network were licensed to do business have assumed responsibility for their policies. This includes continuing coverage and paying eligible claims, subject to guaranty association coverage limits and the terms and conditions of coverage. The guaranty associations have contracted for Penn Treaty to continue to administer all policies using Penn Treaty’s staff, existing computer systems, and policy/claim records.
Policyholders with questions about policies, claims, or related to Penn Treaty’s liquidation should call 1-800-362-0700.