Paying for Long-Term Health Care
Protect yourself from the extravagant costs.
More than two-thirds of people over age 65 need long-term care at home or though adult day health care, in an assisted living facility, or nursing home. The costs—which vary depending on the level of care you need—can often be staggering. Consider:
- The average cost for a home health aide in Wisconsin: $46,904 per year, based on 44 hours per week of care.
- The average cost of a private room in a Wisconsin nursing home: $87,782 per year
(Source: Genworth Financial 2011 Cost of Care Survey)
Who pays for long-term care?
Most people assume someone will come to the rescue if long-term care services are needed – Medicare, Medicaid, or personal health insurance plans. The facts belie that assumption:
- Medicare and health insurance plans don’t pay for assistance for the Activities of Daily Living (eating, personal grooming and hygiene, dressing and undressing, toilet activities, moving from one place to another). They typically only cover medical services for a short period of time while you're recuperating.
- Medicaid does pay for LTC services but you must meet strict low-income guidelines, including spending most of your assets first.
- Most families are forced to pay for high LTC costs out of pocket.
The Trust’s Long-Term Care plan helps pay for LTC services while protecting your hard-earned assets.
Learn more about the WEA Trust Group LTC Partnership Plan now.