Last Updated: November 15, 2017
In general, the phrase "long-term care" refers to a broad range of medical or personal care services you may need for an extended period of time because of a chronic illness or disability. It usually does not include the type of care people receive on a short-term basis following a hospitalization or an acute illness.
Whether you require long-term care depends on your level of disability. The chances of needing long-term care usually increase as you age, but long-term care may be needed at any age.
Preparing for the possibility of long-term care before you need it allows you the opportunity to make an informed and educated decision about your future long-term care needs.
Guide to Long-Term Care
Long-Term Care Insurance Approved Policies in Wisconsin
Another way to cover long-term care expenses is through a rider attached to a life insurance policy. Long-term care riders attached to life insurance policies are different from long-term care policies in several respects. For example, monthly benefits for a stay in a covered nursing home are typically based on a percentage of the life insurance amount. A $100,000 policy with a 2% benefit would give you $2,000 a month. A monthly benefit for home health care, when covered under the rider, is usually half of the nursing home benefit.
Some life insurance companies offer annuity contracts with a rider that covers long-term care expenses. An annuity contract with a long-term care rider allows you to use the funds accumulated in your annuity to pay for long-term care expenses without applying any surrender charges. Companies charge an additional premium for this rider.
National Clearinghouse for LTC Information
The
National Clearinghouse for Long-Term Care Information
website was developed by the US Department of Health and Human Services to provide information and resources to help you and your family plan for future long-term care (LTC) needs. We want to help you understand what long-term care is, how and where you can get information and services you need - now or in the future, and how to pay for services.
Long-Term Care Insurance Partnership Program (LTCIP)
See the
Wisconsin Department of Health Services
website for information regarding the Long-Term Care Insurance Partnership.
Qualified Long-Term Care Insurance Partnership Policies
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