Americans are living long lives, but as we age, we may find that we need long-term care. Long-term care can be extremely expensive, so it is essential for older individuals to seek insurance to cover their potential future requirements. Wisconsin offers a partnership program that makes long-term care insurance more affordable and more available to people living in the state.
What is Long-Term Care Insurance?
Long-term care insurance covers part or all of the costs of care associated with long-term needs. Some of these services include nursing homes, assisted living facilities, and home care providers. These types of services are available to assist with care when a person needs some help to handle personal tasks. A person may need some additional help so they can remain in their home. Care facilities offer a range of services to help elderly people continue to enjoy a high quality of life. The high cost of long-term care can be offset with insurance.
Will I Need Long-Term Care?
People are living much longer than they did just a century ago. Modern medicine makes it possible to handle many of the various illnesses and medical conditions that typically affect the elderly. A study done by the federal Department of Health and Human Services (HHS) found that 49% of men and 64% of women turning 65 now will require long-term care as they age. At least half of the people who require long-term care will need help paying for it. About 14% of people will need more than two years of care, with an average cost of $120,900.
What is the Wisconsin Long-Term Care Insurance Partnership Program?
The Wisconsin Long-Term Care Insurance Partnership Program (LTCIP) is an insurance program that is a partnership between private long-term care insurance providers, brokers, agents, the Wisconsin Department of Health Services, and the Office of the Commissioner of Insurance. The Centers for Medicare and Medicaid Services (CMS) oversees the program at the federal level. The program is designed to help people plan for their future long-term care needs.
Under the program, an amount equal to the amount of benefits a person receives under a qualifying LTCIP insurance policy is excluded when determining the person’s Medicaid eligibility and the amount of money from a person’s estate if they receive Wisconsin Medicaid benefits. Long-term care insurance is useful for those who need to live in a care facility as well as those who prefer at-home care.
Benefits of the LTCIP
Long-term care is extremely expensive if not covered by insurance. The LTCIP allows people to obtain insurance so they can afford their long-term care in the future. Coverage provides care for many types of services and in a variety of settings. One of the most important benefits of the LCTIP is that it helps protect your assets by allowing you to qualify for Medicaid benefits later. Some policies may include additional benefits such as premium waivers, protection against inflation, alternative plan options, and nonforfeiture benefits.
It is important to note that the benefits and programs available could change, so you should verify the current information to help you make decisions regarding your long-term care insurance needs. To learn more, contact our legal team at Moen Sheehan Meyer, Ltd. at (608) 784-8310 or online.