Wisconsin Long Term Care Costs & Insurance Quotes
As the senior citizens of Wisconsin continue to grow in number, especially members of the 65 and older age bracket, the state's cost of care accelerates at the same time. In fact, research has revealed that the average costs of care in various long term care settings in Wisconsin have far exceeded the figures on the national level.
Residents of private nursing home rooms in Wisconsin spend $93,075 annually as opposed to $81,030 nationally according to the latest long term care study which was conducted by Genworth Financial, one of the country's top long term care insurance providers.
In-home care services and assisted living facilities in the state are not getting any cheaper at all. Homemaker and home health aide services cost $20 and $21 per hour, respectively, while a one-bedroom assisted living facility says Genworth has a monthly rate of $3,700.
Below are the current costs of long term care services in key areas of Wisconsin which some of the state's residents pay out-of-pocket, some with private insurance and majority through Medicaid.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Fond du Lac||$18||$19||$3,332||$210||$225|
|Milwaukee - Waukesha - West Allis||$20||$23||$3,936||$269||$294|
|Oshkosh - Neenah||$17||$21||$3,750||$247||$262|
|Rest of State||$19||$21||$3,360||$220||$232|
Wisconsin Long Term Care Insurance Partnership Program
According to a 2010 study on Medicaid budget, 27.4% or $1.8 billion of Wisconsin's total Medicaid budget was used to cover the state's long term care expenses. Through the Partnership Program, which the state established on January 1, 2009, Medicaid's long term care spending may be reduced as the need for it shall be deferred.
The Wisconsin Long Term Care Partnership Program is a joint effort between the State of Wisconsin and the private insurance industry. The goal of the Program is to encourage residents to consider long term care insurance for their future health care needs and to protect their assets above the asset limit requirement of Medicaid in case they wind up applying to the said public health insurance program if their long term care needs go beyond their insurance coverage.
Features of Wisconsin Long Term Care Insurance Partnership Policy
With a Partnership certified long term care insurance policy, a qualified policyholder may protect or keep every dollar of his assets that is equivalent to every dollar that has been paid out to him in benefits.
For a long term care insurance policy to qualify for the Partnership Program status, it has to comply with the following:
- It was issued on or after January 1, 2009
- Policyholder was a resident of Wisconsin when coverage under his policy first became effective
- Partnership policies are tax-qualified as specified in Section 7702B(b) of the Internal Revenue Code of 1986.
- Policy should provide Inflation protection according to the age of the policyholder at the time policy was purchased.
- Policyholders 60 years old or younger – compound annual inflation protection
- Between 61 and 75 years old – some level of simple or compound annual inflation protection
- 76 years old and older – inflation protection is optional
Buying a Partnership qualified long term care insurance policy does not automatically guarantee eligibility for Medicaid coverage as other criteria would still apply in the Medicaid eligibility determination.
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