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Wisconsin Long Term Care Insurance: Beyond the Standard Policy

 

There are many variations to a standard Wisconsin long term care insurance policy. Each person brings to the table a different set of circumstances, whether it be different goals, income levels, and/or risk factors. Being able to tailor your long term care insurance policy to perfectly suit your needs is paramount to getting the right policy.

Here are some options available that go beyond a standard Wisconsin long term care insurance policy.

 

Benefit Disbursement of a Wisconsin Long Term Care Insurance

There are several ways to receive your benefits from your Wisconsin long term care insurance policy.

 

  • Expense-incurred benefits: Benefits are paid either to you or the long term care provider as expenses are incurred, not to exceed the policy limits.

 

  • Daily benefits: Benefits are paid directly to you based upon the daily cost of long term care, not to exceed the policy limits.

 

  • Weekly benefits: Benefits are paid directly to you based upon the weekly cost of long term care, not to exceed the policy limits.

 

Combining Wisconsin Long Term Care Insurance and Life Insurance

There are some Wisconsin long term care insurance companies that are beginning to offer a combination of long term care insurance and life insurance. This type of policy will allow you to pull from the death benefit of a life insurance policy to cover the costs of long term care.

The life insurance portion of the policy can be either a standard policy, or one with an investment component. The long term care portion of the policy will generally work the same as a standard long term care policy. Because these types of policies are new, they may not be offered by all insurance companies and the manner in which they work could vary significantly.

 

Wisconsin Long Term Care Insurance Policy Options

Other than the standard variables on your Wisconsin long term care insurance policy, there are other options you can add. These are called riders and they add to the value of your policy and will also increase the cost of the policy, though they can come in handy. Here are a few of the most popular options.

 

  • Inflation Protection: A must have to protect your policy from becoming obsolete in the future as the costs of long term care increase.

 

  • Non-Forfeiture Benefits: If you cancel your coverage without ever using the benefits, you will be refunded a portion of the premiums you have paid.

 

  • Premium Refund: Your estate will be repaid the premiums you paid minus any benefits paid out if you pass away before a specific age.

 

  • Waiver of Premium: Once you have moved into a nursing home and your policy has begun paying out benefits, you can stop paying premiums.

 

Tax Deductible Wisconsin Long Term Care Insurance Policies

It may be possible to deduct the premiums of your policy from your taxes. If you own your own business, you can pay your premiums through your business and may be able to deduct all or a portion from your business taxes. If your employer offers long term care insurance, then you can have the premiums deducted from your paycheck before taxes are taken out.

If you have a qualified Wisconsin long term care insurance policy, the benefits received from the policy may also be tax free. To completely understand the tax laws concerning long term care insurance and its benefits, you should consult your tax attorney before purchasing a policy.

 

Wisconsin Long Term Care Insurance Quotes

No matter the type of long term care insurance policy you are after or the options you would like to add to the policy, you should get as many quotes as possible. These quotes will allow you see which companies offer which options and to compare the prices from one company to the next.

Using these quotes will help you to make your final decision regarding Wisconsin long term care insurance. It will also save you time and money. Comparison shopping is the only way to know which company can offer you the lowest price on the Wisconsin long term care insurance policy that you desire.

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