Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
Find Out If You Health Qualify For Insurance >
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in Wisconsin. Another option is Short-Term Care, which is most often chosen because of health or age limitations.
Wisconsin Long-Term Care Partnership Program policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
The unique asset protection benefits of a Wisconsin Long-Term Care Partnership policy apply if your care needs last longer than the benefits of your LTC Partnership policy. For example, for every dollar your Long-Term Care Partnership policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Wisconsin Long-Term Care Partnership policy rates are like traditional policies. Still, we recommend comparing them to non-Partnership policies because you may find alternatives better suited to your needs. This includes hybrid long-term care insurance plans not available under the Wisconsin Long-Term Care Partnership Program.
Reciprocity applies when you buy a Long-Term Care Partnership policy in another State and then later move to Wisconsin. Because Wisconsin has reciprocity, you will not lose the special Partnership Program asset protection benefit by moving to Wisconsin. The State of Wisconsin would also recognize accumulated asset protection for Medicaid qualification, if you were already receiving benefits from your Long-Term Care Partnership policy before relocating.
Your Wisconsin long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
Long-Term Care Costs in Wisconsin – 2022 (annual) | ||||
Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
Wisconsin State Median | $116,800 | $108,259 | $55,200 | $68,640 |
Appleton | $114,975 | $107,493 | $61,650 | $64,064 |
Eau Claire | $103,113 | $98,003 | $52,500 | $64,064 |
Fond du Lac | $107,248 | $91,097 | $50,100 | $68,640 |
Green Bay | $117,895 | $102,018 | $53,400 | $60,632 |
Janesville Area | $127,750 | $116,253 | $55,200 | $74,360 |
La Crosse Area | $113,150 | $104,025 | $51,150 | $74,360 |
Madison | $114,610 | $106,215 | $57,600 | $64,064 |
Milwaukee Area | $144,540 | $130,466 | $63,888 | $73,216 |
Oshkosh Area | $120,268 | $109,865 | $61,884 | $64,064 |
Racine | $131,400 | $119,720 | $65,400 | $68,640 |
Sheboygan | $134,320 | $109,865 | $55,500 | $73,216 |
Wausau Area | $122,275 | $109,865 | $49,500 | n/a |
Wisconsin long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Wisconsin:
Our Wisconsin LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage