Types of Long-Term Care Insurance Policies
There are three types of insurance policies currently on the market in Wisconsin to cover long-term care expenses. They are:
- Long-Term Care Insurance Policies
These policies cover both institutional (nursing home or other facility) care and care in the community (home health care or other community-based services).
- Nursing Home Insurance Policies
These policies cover only institutional care, such as in a nursing home. These policies may or may not cover care in an assisted living facility.
- Home Health Care Insurance Policies
These policies cover only community care, such as home health care. These policies may or may not cover community-based services, such as adult day care.
Note, only those policies that provide coverage for both institutional and community-based care may be advertised or sold as long-term care insurance policies.
The publication Long-Term Care Insurance Policies Approved in Wisconsin provides benefit information and sample premiums for individual nontax-qualified, group tax- and nontax-qualified and individual tax-qualified approved long-term care insurance policies. The publication also provides the name, address and phone number for companies that have approved nursing home insurance policies, home health care insurance policies, and long-term care riders to life insurance policies.