Quality or Poor Long Term Care in Wisconsin?
Wisconsin does not have much to offer its residents in the long term care (LTC) area. Everything here is just too expensive so anyone who decides to self-insure will only wipe out his assets in no time. Young Wisconsinites should consider buying Wisconsin long term care insurance if they want to protect their finances when the need for LTC comes.
Although LTC is oftentimes associated with older people, anyone can require it even those under the retirement age. Did you know people in their 40s can acquire certain health issues that will subject them to many years of care?
Lou Gehrig’s disease, early-onset Alzheimer’s, Parkinson’s, and multiple sclerosis are just among the many diseases which young people can develop if they do not take the necessary precautions. Once they acquire these diseases they can expect to pay thousands of dollars per year for therapy sessions, medications, doctor fees, and health care providers.
Wisconsin’s LTC costs are far higher than the national average. If the national median hourly rate for home health aide services is $19, in Wisconsin it is $21 which translates to $46,904 annually. Homemaker services cost $18 per hour nationally but residents of Wisconsin who avail this form of LTC pay $20 per hour.
Facility care in Wisconsin is even more expensive as the costs of assisted living facilities and nursing homes have increased 6% and 5%, respectively, in the past six years according to Genworth Financial.
One factor that can be attributed to the speedy increase of LTC costs in Wisconsin is the senior population 65 years old and over as it currently makes up 13.7% of the state’s total population, a tad higher than the national 13%.
Be Financially Protected with Wisconsin Long Term Care Insurance
Despite being expensive, no one can do without LTC because it is part of life. Everybody will grow old, weak or sick, and require care someday.
For you to be able to obtain quality care but not at the expense of your loved ones, you’ll need a comprehensive long term care insurance (LTCI) policy. This will provide you with LTC coverage in multiple settings. Now the amount of coverage that you will receive for each type of setting will depend on what you and your insurer will agree upon so it is important to be inquisitive and analytical as you process your policy.
Compare products from different LTCI carriers before deciding which one to buy in order to avoid overspending on the premium or being underinsured. You can ask a licensed LTCI specialist to help you out. Just supply him with the necessary information such as the average cost of care in your area, your present health condition, family’s health history, and the like. Once he has all of these pieces of information he can get down to work.
Some people are thinking of relocating but whether you end up in the north or in the south won’t make a difference because the whole nation is affected by the soaring cost of care. With a Wisconsin long term care insurance policy you can stay exactly where you are and be trouble-free.
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