What Is Long-Term Care? 2 How Much Does Long-Term Care Cost? 3 Nursing Home Costs Assisted Living Facility Costs Home Care Costs Who Pays For It? 4 Personal Resources 4 Medicare 4 Medicare Supplement Insurance Medicaid 4 Will I Need Long-Term Care? 5 What is Long-Term Care Insurance? 6 Do I Need to Buy Long-Term Care What Types of Policies Can I Buy? 8 Individual Policies 8 Policies from My Employer 9 Policies from Federal or State Government Association Policies 10 Policies Sponsored by Continuing Care Retirement Communities 10 Life Insurance or Annuity Policies 10 Long-Term Care Insurance Partnership Policies 11 Tax-Qualified Policies 11 How Do Long-Term Care Insurance Policies Work? How Benefits Are Paid Pooled Benefits and Joint Benefits What Services Are Covered Services Are Covered What Services Aren’t Covered? How Much Coverage Will I Have? When Will I Be Eligible for Benefits? Types of Benefit Triggers When Benefits Start Inflation Protection Benefits……………………………. Other Long-Term Care Insurance Policy Options I Might Choose What If I Can’t Afford the Premiums? Will My Health Affect My Ability to Buy a Policy? What Happens If I Have Pre-Existing Conditions? Can I Renew My Long-Term Care Insurance Policy? How Much Do Long-Term Care Insurance Policies Cost? What Options Do I Have to Pay the Premiums? If I Already Own a Policy, Should I Switch or Upgrade? What Shopping Tips Should I Keep in Mind? Glossary 34 Worksheet 1: Availability and Cost of Long-Term Care in My Area 38 Worksheet 2: Compare Long-Term Care Insurance Policies 40 Worksheet 3: Facts About My Long-Term Care Insurance Policy 45 Worksheet 4: Long-Term Care Riders to Life Insurance Policies 47 Worksheet 5. Long-Term Care Insurance Personal Worksheet 49 List of State Insurance Departments, Agencies on Aging, and State Health Insurance Assistance Programs 52 Endnotes 63
Policy 1 Policy 2 yes/no yes/no days days yrs yrs yes/no yes/no yes/no yes/no yes/no yes/no yes/no yes/no yes/no yes/no yes/no yes/no days days days days days days service days service days yes/no yes/no 16. How long will it be before you’re covered for a pre-existing condition? (usually 6 months) 17. How far back will the company look at your medical history to determine a pre-existing condition? (usually 6 months) Does the policy have inflation protection? (Refer to page 20) 18. Are the benefits adjusted for inflation? 19. Are you allowed to buy more coverage? If yes, • When can you buy more coverage? • How much can you buy? • When can you no longer buy more coverage? 20. Do the benefits increase automatically? If yes, • What is the rate of increase? • Is it a simple or compound increase? • When do automatic increases stop? 21. If you buy inflation coverage, what daily benefit would you receive for Nursing home care: • 5 years from now? • 10 years from now? Assisted living facility care: • 5 years from now? • 10 years from now? Home health care: • 5 years from now? • 10 years from now? 22. If you buy inflation coverage, what will your premium be: • 5 years from now? • 10 years from now? • 15 years from now? Policy 1 Policy 2 months months months months yes/no yes/no yes/no yes/no yes/no yes/no
Office of the Commissioner of Ins. State of Wisconsin P.O. Box 7873 125 South Webster Street Madison, WI 53703-3474 (608) 266-3585 Fax: (608) 266-9935 Wisconsin SHIP (608) 266-1865 800-242-1060 Fax: (608) 267-3203 TTY: 888-701-1251 Wisconsin Bureau of Aging & LTC Resources Dept. of Health and Family Services 1402 Pankratz St., Ste. 111 Madison, WI 53704-4001 800-815-0015 Fax: 608-246-7001 Wyoming Department of Insurance 106 East 6th Avenue Cheyenne, WY (307) 777-7401 Fax: (307) 777-2446 Wyoming State Health Insurance Information Program 1-800-856-4398 Fax: (307) 777-2446 Wyoming Aging Division Department of Health 6101 Yellowstone Road, Room 259B Cheyenne, WY 82002 (307) 777-7986 or 1-800-442-2766 Fax: (307) 777-5340