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Last Updated November 12, 2020

Wisconsin Long Term Care Insurance

Fast Facts

WI Average daily benefit purchased: $ 144 per day.

The state of Wisconsin's population is nearly 5.8 million people, and as the US Census shows, over 705,000 residents in the Badger State are 65 years or older. That's over 705,000 residents and counting in Wisconsin who will increasingly need and use Long Term Care. If not prepared with Long Term Care Insurance, this rising number of seniors will put increasing economic stress on families and the state. 75% of all individuals above the age of 65 will need some form of long term care, and in 2011, the total Long Term Care Medicad expenses from Medicaid alone were close to $2 billion.

When planning for retirement, Long Term Care Insurance is a key component for securing one's financial future, and in Wisconsin, residents have the choice of around 17 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.

The Wisconsin Long Term Care Partnership program became effective on January 1, 2009 and is administered by the Wisconsin Office of the Commissioner of Insurance. This program is a joint partnership between the state's Medicaid program and the insurance companies and was designed to help Badger State residents protect their assets by providing an incentive to buy a Long Term Care Insurance policy. Purchasing a Long Term Care insurance policy through the partnership program means you are not only protected by your policy, but also by Medicaid if you ever exceed the benefits of that policy.

Most Popular Long Term Care Companies in Wisconsin

    1) Genworth
    2) Mutual of Omaha
    3) Mutual of Omaha Mutual Care Plus
    4) Genworth Privileged Choice Flex 2
    5) TransAmerica
    6) Mass Mutual
    7) Genworth Privileged Choice Flex2
    8) Genworth Privileged Choice Flex
    9) United of Omaha Assured SolutionsGold
    10) Mutual of Omaha Mutual CarePlus
    11) Genworth PC Flex
    12) MassMutual
    13) New York Life LTC SelectPremier 5.5
    14) Genworthprior to 7/ 30/ 2012
    15) New York Life LTC Select Premier 5.5

Most Insured Cities in Wisconsin

1) Madison - last quote: $170/day
2) Milwaukee - last quote: $150/day
3) Appleton - last quote: $150/day
4) Green Bay - last quote: $250/day
5) Waukesha - last quote: $150/day
6) Kenosha - last quote: $150/day
7) Stevens Point - last quote: $150/day
8) Menomonee Falls - last quote: $130/day
9) Sun Prairie - last quote: $150/day
10) Oconomowoc - last quote: $100/day
11) River Falls - last quote: $150/day
12) New Berlin - last quote: $150/day
13) Mequon - last quote: $150/day
14) Neenah - last quote: $150/day
15) Kaukauna - last quote: $150/day

Interactive Map of Wisconsin LTC Insurance Costs

More on Wisconsin

In order to prepare its citizens for the serious lack in long-term care planning, Wisconsin residents are eligible to participate in the Wisconsin Long-Term Care Partnership Program. Like most states, Wisconsin has developed a joint effort by the State and private insurers to enable more individuals to purchase Long Term Care Insurance coverage. Awareness of the need for Long Term Care Insurance is still low both in Wisconsin and nationwide which means that many Americans will be caught out having to pay for long-term care services out-of-pocket. Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves. These costs, which are substantial, are not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.

Wisconsin has followed the nationwide trend toward long-term care partnerships.

"The Wisconsin Long-Term Care Insurance Partnership (LTCIP) program uses qualified private long-term care insurance coverage as a funding option to assist individuals in paying for their potential long-term care expenses. The program is intended to encourage the purchase of private long-term care insurance by allowing policyholders to protect some or all of their financial assets should they apply for Medical Assistance."

Thus, Wisconsin's partnership program "gives individuals another choice to consider as a part of their retirement and financial planning."

And, residents of Wisconsin should recognize that this choice might be one of the most important ones they make with regards to retirement planning. A recent study found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers. Furthermore statistics show, a full 35% think they will never need long-term care assistance and that 67% of all Americans will need long-term care at some point after they pass age 65, there is a huge mismatch between reality and perception here. Thus, many Americans are now at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves.

But, through the Wisconsin Long-term Care Partnership, residents can purchase a "partnership policy" that will help them pay for their long-term care needs while protecting their assets, should they need Medicaid. Wisconsin hopes to reward its citizens who plan ahead and take proactive steps to protect themselves and their assets. Basically, it works like this:

"Individuals who purchase qualified Long-Term Care Insurance Partnership policies receive initial long-term care coverage from their private insurance carrier. If individuals subsequently seek Medical Assistance coverage for their long-term care needs, they may be allowed to exclude a certain amount of personal assets and still be eligible for Medical Assistance. This amount will be equal to the amount of benefits received under the qualified Long-Term Care Insurance Partnership policy. The program is a dollar-for-dollar arrangement meaning that the personal assets protected will be equal to the amount of benefits paid by the qualified private insurance policy."

This enables participants to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid's long-term care coverage.

Highlights of the plan include:

  • Dollar-For-Dollar Asset Protection
  • As mentioned above, this is a dollar-for-dollar match program and this benefit is not available with non-Partnership policies.
  • Policies are State-approved and meet consumer protection standards
  • Only the top quality insurers are included in this partnership program.

Are you a resident of Wisconsin and want to start planning today for your future and securing all that you've worked so hard to achieve? By purchasing a Long Term Care Insurance policy through Wisconsin's Long Term Care Partnership, you can rest assured that you'll be covered when you need long-term care services and that your assets are safe. LTC Tree can help you find a qualifying plan that is right for you, no matter your age or financial status so feel free to contact us any time.

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