Is Medicaid Overused in Wisconsin Long Term Care?
Since the government’s instruction of restructuring Medicaid eligibility was imposed in Wisconsin, every uninsured Wisconsinite should have secured a Wisconsin long term care insurance policy immediately as he won’t be able to experience Medicaid’s past generosity anymore.
Twenty years from now the cost of care is expected to increase fourfold while the population of Wisconsin’s residents over the age of 65 is expected to grow 30%.
If Wisconsin’s LTC costs and elderly population will grow simultaneously it will be absolutely impossible for Medicaid to shoulder the state’s LTC expenses. It’s about time that people stopped relying solely on the government for their LTC needs as these should actually be their responsibility first and foremost.
Private insurance companies that are authorized to operate in Wisconsin and sell long term care insurance (LTCI) policies offer a wide array of options so that everyone can purchase a policy to ensure his and his family’s financial protection.
However, for one to be able to clinch an affordable LTCI policy he has to be young and healthy because once he starts to manifest preexisting conditions, or symptoms of a serious health condition, he could wind up paying more for the premium of his coverage.
Each LTCI policy comes with a unique set of provisions so it is necessary for an individual to figure out his probable health care needs first before deciding to buy a policy to avoid spending on something he might never get to use.
Cost of Wisconsin Long Term Care insurance
You won’t find a ready-made LTCI policy in the market because each is tailored to the health care needs and budget of a specific individual. This is precisely why all buyers are advised to have a doctor check their present health condition and their family’s health records to determine the kind of care which they will most probably need in the future.
Once an individual has identified what he can possibly require in the future health care-wise, he has to check the cost of care in his area to find out how much he’ll need to be able cover his LTC expenses. However, one should not just rely on the current cost of care which increases approximately by 5% every year.
LTCI policies pay out benefits in different ways. Reimbursement policies reimburse insured individuals their total expenses on care up to their maximum daily benefit. With an indemnity plan, the insured will receive the complete amount of his maximum daily or monthly benefit regardless of the amount of his actual LTC expenses.
Then there are Partnership LTCI policies which are usually marketed to individuals who think they cannot afford to maintain the annual premium of a standard policy. With a Partnership qualified policy, the insured can settle for a shorter benefit period to save on his premium. In the event that he would require further care after having exhausted his policy’s benefits, he can apply for Medicaid assistance without spending down his assets. He can protect a portion of it that is equivalent to the amount of benefits his policy has paid out to him.
If you take time to study Wisconsin long term care insurance and long term care quotes you will eventually come to understand that it has more to offer you and your family than just plain Medicaid coverage.
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