Last Updated: April 24, 2022
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.
Long-Term Care Insurance Basics
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
- opens in new window 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
- opens in new window website for information regarding the Long-Term Care Insurance Partnership.
Qualified Long-Term Care Insurance Partnership Policies