More on Wisconsin
In order to prepare its citizens for the serious lack of 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.