Best Long Term Care Insurance In Minnesota (Rates from $211/month!)

by Sa El

May 7, 2024

Maintaining excellent health and aging gracefully is crucial for having a good standard of living as we get older.

However, there’s a 70% chance that if you turn 65 today, you will require some long-term care service sooner or later.

And with the three-year average cost of long-term care coverage in Minnesota being $366,780, it’s crucial to find the most cost-effective LTC insurance quote.

This post will go through how much long-term care insurance costs in Minnesota, the many types of long-term care insurance coverage available in MN, and how to get long term care insurance quotes in Minnesota.

More Of The Best Long Term Care Insurance Companies Below:

How Much Does Long Term Care Insurance Cost In Minnesota?

The average annual cost of long-term care insurance in Minnesota for a single 55 year old is $2,532 per year, which comes out to $211 per month. However, rates depend on many factors such as age, where you live, coverage options, and plan selected.

How Can I Get A Long Term Care Insurance Quote?

The fastest way to get long term care insurance quotes is to use our form below;  it only takes minutes to get a quote and apply for coverage.

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What Factors Influence the Cost of Minnesota Long Term Care Insurance?

LTC costs will vary depending on several factors, and your particular health insurance provider will determine them. In general, you’ll likely be asked to provide personal information, lifestyle data, and whatever else your insurance company believes is necessary for determining your insurance benefits and premium.

Below we take a quick look at a few of the most common factors:

  • Age
  • Race
  • Gender
  • Weight
  • Health history
  • Location of residence
  • Lifestyle habits (smoker vs. non-smoker, etc.)

Premiums are typically more expensive for people generally regarded as less healthy and have a higher risk of dying. Although various criteria determine it, your premium will usually be lower if you are younger, in better shape, and cautious.

What Factors Determine A Long Term Care Insurance Rate Increase In Minnesota?

The complexity of private LTCI, as the name implies, is due to the policyholder’s obligation to pay for care that they may or may not require decades later. As a result, long-term disability insurance necessitates a lengthy prediction period and provides benefits beyond age 100for some clients. 

Premiums are also based on several assumptions regarding factors such as:

  • Voluntary lapses;
  • Service inflation costs of covered services relative to inflation protection assumptions
  • Mortality rates
  • Incidence of disabilities requiring LTC services
  • Interest rates
  • Morbidity
  • Recoveries and mortality while on a claim
  • Benefit expiry
  • The number of necessary services while disabled (for policies that reimburse actual expenses).


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Types of Long Term Health Care Insurance In Minnesota

The three types of LTC policies offered in Minnesota are Home Care Only, Nursing & Residential Facility, and Comprehensive Long Term Care Insurance. However, keep in mind that there are also Hybrid LTC policies.

Home Care Only (No Coverage For Assisted Living Facilities)

Only housekeeping services and skilled home care are covered by In Home Care Only plans, which do not cover nursing homes or assisted living facilities. Benefits for home health care, adult day health care (ADHC), hospice, respite care, personal care, and homemaker services must all be included in these plans.

Nursing Home & Residential Care Facility Only (Coverage For An Assisted Living Facility)

Nursing home and residential care facility-only insurance policies cover care in nursing homes or Residential Care Facilities for the Elderly (RCFE) that provides assisted living services. These policies’ benefits must cover the cost of all LTC services you obtain in the facility, not just room, and board — up to the policy’s maximum daily benefit amount.

Assisted living benefits under this sort of insurance is payable while you are staying in any RCFE-licensed setting, including small neighborhood homes (often known as board and care homes), retirement residences, and specialized community centers for Alzheimer’s patients. These policies also need to provide assisted living payments at least 70% of the nursing home care benefit.

Comprehensive LTC Insurance Policy In Minnesota (Will Cover Both Types Of Policies)

Comprehensive policies are insurance plans that cover nursing care, assisted living, home care, and community care (such as adult day care) under the same regulations as the other two types of plans.

Hybrid LTCI Policies

A hybrid LTCI policy is a form of long-term care insurance that uses assets as the basis for coverage. It incorporates either a life insurance policy or an annuity with a long-term care insurance rider. These plans haven’t been around for very long, yet they’re quickly gaining favor because they give you long term care with a death benefit.

What Are Tax Qualified (TQ) & Non-Tax Qualified (NTQ) Policies In Minnesota?

(TQ) Tax-Qualified policies enable you to deduct a portion or all of your premium from your federal and state income taxes as a medical expense. The amount you may deduct is determined by your age and medical expenses exceeding 7.5% of your adjusted gross income (AGI) if you are 65 or older and 10% if you are younger.

Non-tax qualified (NTQ) coverage premiums cannot be subtracted from your taxable income, and the benefits are not meant to be tax-free. However, because of federal legislation, NTQ insurance may have more generous benefit triggers and pay reimbursements faster than TQ insurance.


What Does Minnesota’s Long-Term Care Insurance Cover?

LTCI in Minnesota is designed to help protect you and your family in the case that you need long-term care for an extended period or after receiving a particularly devastating health diagnosis. Long-term care insurance is intended to assist if you or a family member outlive your savings or discover that maintaining self-care becomes more expensive as you grow older. You may spend your long-term care insurance benefits on a wide range of medical expenses, and costs such as:

  • Nursing homes
  • Assisted living facilities
  • Extended hospital stays
  • Recurring doctors’ visits
  • Multiple surgeries
  • Testing and diagnosis processes
  • Prescription medications
  • Physical therapy or other rehabilitation following surgery
  • Chemotherapy and radiation treatments
  • Fees associated with treating and recovering from long-term illnesses like stroke, dementia, or Alzheimer’s disease

If you need more detailed assistance with what can or should be covered in a policy, you can reach out to the Minnesota Department Of Insurance.

How long do benefits last under a Minnesota Long Term Care Policy?

Long-term care insurance (LTC) policies are usually intended to cover at least 12 months of care or more. However, you may get a policy that pays benefits for one, two, three, or five years, and it depends on your needs and the benefits offered in your policy.

Does LTCI Have A Waiting Period?

The same waiting periods apply to almost all participating insurance companies in the long-term health care industry. The duration may vary, but it is generally between 0 and 90 days. You will be responsible for any expenses during the waiting period, so pick a length that you believe you can afford to cover.

Why Would I Need Long Term Care Insurance Minnesota?

The reason you would need LTC insurance in Minnesota is to help pay for long-term medical expenses once you’ve retired since Medicare won’t reimburse everything. However, that isn’t the only reason you might want to get long-term care insurance; there are several others.

Here’s a rundown of some of them:

  • You don’t want to have to hold a job to pay for rising medical expenses (even after retiring)
  • When you’re older, and in a position to help your children financially, you don’t want to put them through the stress of paying for your medical expenses.
  • You’ll be cash-strapped in retirement, but not so much that you’ll be eligible for Medicaid.
  • After you retire, you won’t have enough money set aside in savings to cover your living expenses and rising medical costs.

Does Medicare Cover Long Term Health Care Services In Minnesota?

Medicare may pay for skilled care in a nursing facility for no longer than 100 days and only when the patient fulfills all of Medicare’s criteria for daily skilled care.

While individuals do get personal assistance simultaneously, Medicare will not pay unless there is also a requirement for daily skilled services that only a nurse or therapist can provide.

Medicare will pay for specific personal care services at home, depending on whether you require skilled care daily, that only a qualified professional can provide.

For additional information, visit your Social Security office or call the Social Security Administration toll-free at 800-772-1213 for the Medicare benefits book.


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How to Find the Best MN Long Term Care Insurance Quotes?

There is no reason to go without long-term care insurance coverage in Minnesota, especially when it’s so easy to find a plan that suits your needs and budget!

The best approach to finding low-cost long-term care insurance rates in Minnesota is to compare numerous quotes online.

All you have to do is click here or on one of the above buttons to get free long-term care insurance quotes. Best of all, you can accomplish this in less than five minutes.

Frequently Asked Questions About Minnesota Long Term Care Insurance

What is the average cost of long term care insurance in Minnesota?

In Minnesota, the average cost of long-term care insurance for a single 55 year old is $211 per month, which comes out to $2,532 per year. However, rates depend on many factors such as age, where you live, coverage options, and plan selected.

What age should you buy long term care insurance?

Before you are 65 years old, long-term care insurance is most effective. The expense of long-term care insurance will rise as you age, and the probability of needing it will go up. If you purchase sooner rather than later, the premiums are much lower.

How long do you pay premiums for long term care insurance in MN?

From the year your policy begins until you start drawing benefits, you will have to pay your long-term care insurance policy premiums, usually monthly or annual. You may be paying premiums for 20 or 30 years.

What are the three types of policies that are permitted for sale in Minnesota as long term care insurance?

The three types of LTC policies offered in Minnesota are Home Care Only, Nursing & Residential Facility, and Comprehensive Long Term Care Insurance.

About the author 

Sa El