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Will you need long-term care?

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Kelly Blog PhotoLong-term care (LTC) has been called "the greatest uninsured financial risk today." That’s because the majority of costs for extended care needed during recuperation from strokes, accidents, illnesses, and operations are not covered by health insurance or Medicare. Without LTC insurance, these costs are paid from one's personal savings and assets.

Who will need long-term care services?  

  • The chances of needing LTC after age 65 are 50%.
  • 10% will need care for less than one year, 50% for more than one year, 20% for two to five years, and 20% for five+ years (especially in cases of Alzheimer's disease and other dementia).
  • Extended care can be needed at any age: 40% of those receiving LTC are under the age of 65, often due to accidents and early-onset health conditions.

How much does long-term care cost?

The average annual cost of care in Wisconsin is:

  • $87,783 for a private nursing facility.
  • $46,904 for 44 hours/week of home health care (which translates into $168,000 for 24/7 home care).
  • $42,600 for a private one-bedroom assisted living facility.

Source:  Annual Cost of Care Survey 2011, Genworth Financial

A convenient way to learn more about LTC insurance is by participating in an online presentation or you can set up a one-on-one consultation session by calling 1-800-247-5905.

Mitigating loss falls to the insured

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Mark Blog PhotoHome policies generally hold you (the insured) responsible for mitigating loss. For example, a tree limb falls and puts a hole in your roof. You must take action, such as covering the hole or doing a temporary fix, to prevent further loss until it can be professionally repaired. Keep your receipts for any expenses related to the fix, because your insurance company may reimburse you. Make sure to contact your insurance company to report a claim as soon as possible and confirm their expectations for mitigating loss and reimbursement.

Retired? Changing jobs? Stick with us!

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Michelle Blog PhotoDespite what you may hear, you do NOT have to move your 403(b) or IRA account when you retire or change jobs…even if you change careers. Once you have an account with us, you can keep it here and continue to enjoy the quality service and low fees. We administer accounts for thousands of retirees and we even administer beneficiary accounts. We are happy to continue administering the account for your spouse, children, or whoever you designate as your beneficiary to the extent allowed by the IRS. This is also true for those who participate in any of our personal insurance programs. Once you’re in, you may continue as long as you meet underwriting requirements. No worries. You can stick with us.

However, participants should also be aware that if you do decide to leave us after a career-changing event such as retirement, you may not be eligible to return. In order to return as a participant, you will need to re-establish eligibility. Purchasing a WEAC-Retired lifetime membership restores your eligibility status for most Member Benefits programs. Of course, some restrictions may apply.    

If you lend your car, you lend your insurance.

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Mark Blog PhotoIf a friend has an accident with your car, your insurance will cover damage to your vehicle if you have comprehensive or collision coverage, regardless of who is driving your car. If the person driving your car, with your permission, has an at-fault accident, you (and your insurance) will be responsible for any property damage or bodily injury caused by the accident.
You should understand that if the permissive driver has an at-fault accident and your insurance company pays, your premium will be affected. The vehicle owner’s insurance is always considered primary, but the driver’s insurance will be involved only if the owner’s insurance is insufficient to cover all the damage.