The Current State of Affairs

For a long time, traditional long-term care insurance took up a significant portion of the Maryland long-term care insurance industry. It is acceptable to say that a small revolution is taking place in regards to protection products covering long term care. Health-based long term care insurance, whose shortcoming and downfalls have already been exposed countless times, are losing traction among not only the public, but insurance companies themselves. Now hybrid long-term care insurance plans are the sensible choice in Maryland. Capital Retention represents the most innovative and well-recognized national insurers, and we are here to help fit you with the best LTC policy for you and your family’s needs.    

Why You Should Choose Hybrid LTC

Taking a peek at traditional long-term care insurance rates in Maryland will show us that the numbers look something like this:
  • The median cost for nursing home care in Maryland is $101,000 for semi-private rooms and $110,000 for the private rooms. The cost of nursing home services has been growing at a steady 5%.  
  • Home health aide services hourly rates begin at $11 and end with a maximum of $27. This amounts to around a $46,000 median annual rate in Maryland. The price has been stable over the past five years.
  • Finally, the assisted living facility monthly rates for a single bedroom, single occupancy begin at $1,750 and top off at $8,950. This gives us a median annual rate of $47,000. The price is likely to grow, seeing how the last five years have shown an increase of 4% annually.
The new and considerably more innovative hybrid LTC insurance solutions offer everything that traditional LTC insurance did, but add death benefits, age at home benefits, return of premium benefits, inflation protection, care coordination and so much more. Gone are the days of use it or lose it, Maryland residents can now get LTC insurance that has many benefits, if they need long-term care or not. Should you choose one of our Partnership-Qualified plans, you should know that the State of Maryland mandates 1-5% inflation protection on your LTC insurance policy. The use of an inflation protection strategy makes good sense as a part of your LTC planning. For more about tax advantaged Partnership-Qualified plans and other questions you may have about LTC insurance, we are standing by ready to help.

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