Long-Term Care Planning

Only short, skilled-care stays after a hospitalization — not long-term custodial care. That's the gap long-term care planning fills.

Nationally, the 2024 Genworth/CareScout Cost of Care Survey found median annual costs of about $77,800 for a home health aide, $70,800 for assisted living, $111,300 for a semi-private nursing home room, and $127,750 for a private room — the most recently published figures. Actual costs vary significantly by region; use our free Long-Term Care Cost Calculator to see how these translate locally.

Wisconsin and Minnesota both participate in the federal Long-Term Care Partnership Program. A Partnership-qualified policy lets you protect personal assets equal to the benefits your policy pays out if you later need to apply for Medicaid — it doesn't add coverage, it protects more of your savings if the policy's benefits run out.

There's no single right age — premiums are generally lower when you're younger and healthier, since coverage is medically underwritten and rates rise with age and health conditions. Waiting for a health change to happen can limit which policies you still qualify for, so earlier is usually cheaper if you're going to buy at all.

Traditional long-term care insurance is a standalone policy that pays only if you need qualifying care, with premiums that can rise over time. Hybrid policies combine life insurance or an annuity with a long-term care benefit, so the policy pays out one way or another — as care, a death benefit, or both — usually with fixed premiums.