Wisconsin enacts long term care insurance program
A newly enacted Wisconsin Long Term Care Insurance Program gives the state’s residents a financial incentive to buy long-term care insurance, explains a guest column in the Green Bay Press-Gazette from Dec. 31.
For those who purchase long-term care insurance and require care, the private insurance plan would pay first. However, under the partnership program, the amount paid by the insurance company is not counted as an asset when determining Medicaid eligibility.
“By encouraging the purchase of long-term care insurance, Medicaid is returned to its original role as the payer of last resort. As a result, individuals and their families have more access to facilities as a private pay resident and the state saves tax dollars to be used for the care of the truly needy,” wrote guest columnist Robert L. Fischer, founding partner of Harbor Wealth Management and president of the Estate Planning Council of Northeastern Wisconsin.
According to Fischer, “Insurance agents in Wisconsin now have eight hours of mandatory training regarding Medicaid eligibility and the Partnership LTC Insurance Program and how it applies to an individual’s specific situation.”
Wisconsin is the 20th state to enact a long-term care insurance partnership program. An article from the Dallas Morning News in Texas, another state that recently enacted such a program, offers more details.
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