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Benefits of Long-Term Care Insurance

  • Protects retirement assets
  • Eases financial and emotional burden on family and friends
  • Offers more flexibility and options for care than government programs
  • Lower premiums can be locked in early when a policyholder is young and healthy, saving money in the face of increasing care costs

Protect your retirement as you age

Even people with secure finances in retirement can end up in a bad spot if they don’t have a strategy for unexpected long-term medical needs. Care responsibilities can add immense emotional and financial stress for family members as well.

Holding a long-term care insurance policy helps avoid untenable situations like these, ensuring you will be able to afford the professional assistance you need. If you find aging in place - remaining at home while getting intermediate care - preferable and a good fit for your needs, LTC insurance can help strike a balance between professional and familial assistance so you can stay as independent as possible. If the policyholder requires more extensive custodial care and supervision, a good LTC insurance plan will keep the payments for the assistance coming as the policyholder’s needs grow.

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Cost of Long-Term Care Insurance

Just like all insurance, the premiums for LTC insurance will vary depending on a number of risk factors:

  • Health Condition - certain medical conditions will raise premium levels, and some may even disqualify a person from buying a policy
  • Age - a policyholder will usually pay more when they take out a policy when they’re older due to increased likelihood of filing a claim as aging advances
  • Gender - women often pay higher premiums because they have a longer average life expectancy which also increases the likelihood of filing a claim
  • Marital Status - all else being equal, married policyholders tend to pay less in premiums
  • Insurer’s Policies - every carrier determines its own underwriting policies and rates, with wide variety in pricing for even similar coverage items
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Compare: long-term care costs vs. long-term care insurance premiums

In-home care costs will vary depending on three factors:

  1. Level of care required
  2. Location - cost of living and licensure requirements
  3. Amount of caregiver experience

Can you afford long-term care?

Most care agencies charge by the hour with a minimum of contracted hours required, usually two to four hours a day or seven hours per week. Median cost in 2021 was around $30/hour with costs expected to rise each year. Based on industry standard 44 hours of care per week, the annual median cost of full-time in-home care in Wisconsin is around $68k per year. Expect a private room in a nursing home in Wisconsin to nearly double that total. Costs have increased by 5.4% every five years since 2004, with a jump up to 10.6% due to a demand surge in 2020-2021. Note that Medicare doesn’t pay for custodial care (bathing, eating, walking), which makes up the largest part of long-term care services.


What's Available?

Two main types of Long-Term Care Insurance:

Traditional LTC insurance

As the name suggests this type follows the format of traditional insurance: Paid annual premiums cover cost of care in the event the policyholder needs it.

Hybrid LTC insurance

A blending of life insurance with long-term insurance. If a person has the good fortune of never needing long-term care, their beneficiary gets paid a death benefit when the policyholder passes.

LTC Coverage

What does long-term care insurance cover in Wisconsin?

Generally, LTC insurance will help cover expenses related to extended care whether in a facility or at home. Each plan may be different and no two situations are the same, so it's best to consult with an expert insurance advisor.

Possible LTC Services Covered:

Recurring doctor visits

Extended hospital stays

Assisted living residency rates

Nursing home residency rates

Prescription medications

Multiple surgeries

Long-term illness recoveries

Post-surgery physical rehabilitation & therapy

Testing and diagnosis

Chemotherapy & radiation

LTC Insurance

Related Product Offerings

There are several other insurance products that work as great complements to long-term care:

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Life Insurance

Ensure the financial security of your family after your passing, and give them peace of mind with life insurance underwritten by Ansay

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Personal Risk Analysis

Find out where you’re most at risk - Our knowledgeable insurance advisors provide Personal Risk Assessments™ to get to ensure you get the protection you need

Get details on personal risk

Frequently Asked Questions

Q & A: Long-Term Care Insurance Coverage

When should I look into getting a long-term care insurance policy?

Remember, aging is a condition everyone will be affected by that will increase the cost of LTC insurance. In your early fifties is a good time to start, but the younger the better, as you’ll lock in at a lower rate when you’re younger and presumably healthier. Start young and you’ll save on annual premiums, improve the likelihood that you are eligible, and you’ll pay less over time.

Does medicare cover the costs of long-term care?

Unfortunately, no. Medicare offers limited coverage for health expenditures, but not assisted living expenses. Long-term care insurance plans fill this gap, covering costs of professional assisted care at home or in a facility.

What disqualifies people from long-term care insurance?

Every insurance company has different rules, but conditions that may bar you from coverage may include: a major health condition, advanced age (commonly over 85), possessing a criminal record, or a history of substance abuse. Consult with your agent if you are concerned about eligibility.

What’s the elimination period of long-term care insurance?

An elimination period is similar to a deductible. When you begin using long-term care services there is a waiting period before the policy begins paying benefits. You are responsible for paying for all expenses during the elimination period. Depending on the policy’s schedule of benefits, an elimination period may be anywhere from 20 to 90 to 180, or up to 365 calendar days. Counting begins on the first day a policy holder receives medical services.

What conditions need to be met before benefits are disbursed?

Disbursement depends on the policy, but a policyholder must be unable to perform 2 of the 6 declared basic activities of daily living (bathing, eating, dressing, moving around, incontinence care or toileting) or have a cognitive impairment with certification that the condition will last more than 90 days, which triggers the start of eligibility. Then, a predetermined elimination period must pass before payment starts. Until the elimination period expires, the policyholder is responsible for costs incurred.

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