Best Defense Against Wisconsin Long Term Care Costs

Residents of Wisconsin should be prepared for the state’s long term care (LTC) costs which are expected to increase fourfold between today and 2030. Everybody is encouraged to purchase a Wisconsin long term care insurance (LTCI) policy as this serves as the best defense against the unpredictable wave of LTC costs.

In the north-central regio
Wisconsin happens to be ahead of its neighboring states in terms of LTC costs. Whether you’re going to receive care in an institutional LTC facility, community-based facility, or at home you need to spend a chunk of your hard earned money in order to receive quality LTC services.

Nursing homes in Wisconsin charge a daily rate of $236 for a private room while in-home care will cost $24 per hour for a home health aide alone. Home health aides only assist an in-home care recipient with his activities of daily living (ADL) such as eating, bathing, dressing, use of toilet, managing continence, and transferring or walking. They are not responsible for cooking the meals of a patient or cleaning his house.

If an in-home care patient wants somebody to come to his place on a daily basis to cook for him, clean his house and to wash his laundry among other household chores, he has to inform his home health care agency about it. All the above-mentioned tasks fall under another type of LTC which is known as homemaker services.

In Wisconsin, homemaker services cost $23 per hour regardless of the number and type of household chores that have been performed by the assigned homemaker.

Inquiries for Wisconsin Long Term Care Insurance

Just like thousands of uninsured Wisconsinites you probably acknowledge the importance of owning an LTCI policy, too, but you’re not sure if you can afford it.

If you are younger than 50 and earning a monthly income which exceeds the poverty level, there is no doubt that you can afford to buy an LTCI policy. Don’t be intimidated by a policy’s annual premium because this is negotiable unlike the cost of care which you are going to face 40 or 50 years from now.

Before settling for a single policy take a look at (and compare) LTCI quotes from different LTCI carriers. You can request the quotes yourself or seek assistance from an insurance agent who is not only adept in marketing LTCI policies but affiliated with the top carriers.

Now your LTCI broker may speed up your LTCI quotes requisition but as consumer it is your responsibility to check the background of each insurance firm that will provide these quotes. See to it that you take note how often each company increases the premium rates of its existing policies.

In Wisconsin, insurance companies selling LTCI policies are not allowed to increase the premium rates of existing LTCI policies more than 50% over a three-year period. If a company is found guilty of this offense, it could be blacklisted and banned from the LTCI industry.

Wisconsin long term care insurance may be a necessity but you don’t have to rush into buying. Study the product carefully and your options, as well, to ensure that you get the right coverage for a reasonable price.