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UWMF,

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Pay & Benefits,Benefits,Disability,Physicians

Long-Term Care Insurance (Physicians)

Long-Term Care Insurance (Physicians) - Pay & Benefits, Benefits, Disability, Physicians

Focus

Benefit Eligibility

All physicians of UWMF are offered this program, together with their spouses or partners. Physician’s parents, in-laws, grandparents and children are also eligible for coverage at the same discounted rates.  

Benefit Description

A voluntary Long-Term Care Insurance plan is provided through Buchholz Planning, a division of AJ Gallagher, the insurance broker used for your group Long-Term Disability and Life Insurance.

Long-Term Care is not just nursing home care. Care comes in many forms and can be expensive. Examples of average costs of care as of 2016 for the Madison area are:

Nursing Home Care

$101,104 per year

Assisted Living Facilities

$47,400 per year

Community Based Care

$80 per hour

Home Health Care

$157,680 for full time, 24 hours/7 days per week
$55,484 for 44 hours per week

$24.25 per hour

We recommend policies that provide the same benefits for all forms of care.

Some facts regarding Long-Term Care needs:

There are five ways to pay for care:

Even though you may be able to afford to self-insure, long-term care insurance offers some financial advantages worth considering.

Long-Term Care Insurance Rates and Coverage

The cost of long-term care insurance varies greatly depending on what policy provisions are right for you and your family, as well as the amount of coverage you wish to have. Long-term care insurance policies are not “one size fits all.” Individual policies can be designed to best fit your personal needs.

How do you know which policy is right for you? That’s our broker’s job to help you! To further this goal, they offer an objective and totally independent product due diligence processing including:

Enrollment

If eligible, you can choose to enroll in long-term care insurance at any time.

Applications are customized to each individual and can be obtained by contacting Buchholz Planning. To apply, you will be required to complete the application. You will be asked to provide basic health history information, including the names and address of physicians with whom you’ve consulted and a list of any medications you are taking.

Once your application is submitted and as a part of the underwriting process, the insurance company may write to obtain copies of your medical records with the authorization that you will be required to sign. The company may also contact you to do a brief telephone interview.

Upon approval and issuance of your policy, a professional from Buchholz Planning will deliver your policy, review the benefits of coverage with you and answer any questions you may have.

Canceling Coverage

You do have the option of canceling coverage at any time. For more information on canceling coverage, please contact Buchholz Planning.

Contact Information

If you are interested in learning more about long-term care insurance, please call Michelle Reed or Stacy Cardenas at Buchholz Planning at (608) 274-8989 or email them at michelle_reed@ajg.com or stacy_cardenas@ajg.com

FAQ

How do I apply for long-term care insurance coverage?

To apply for coverage, please contact Buchholz Planning and they will provide you with the application.

Applications are customized to each individual. You will be asked to provide basic health history information, including the names and addresses of physicians with whom you've consulted and a list of any medications you are taking.

Once your application is submitted and as a part of the underwriting process, the insurance company may write to obtain copies of your medical records with the authorization that you will be asked to sign. The company may also contact you to do a brief telephone interview.

Upon approval and issuance of your policy, a professional from BPC will deliver your policy, review the benefits of your coverage with you and answer any questions you may have.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

Can I apply for long-term care insurance at any time?

Yes, you can apply for long-term care insurance any time. For more information, please contact Buchholz Planning.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

How do I know what my cost will be for long-term care insurance?

Since there is no "one right answer" for all clients, UWMF has chosen a program that provides individual, personalized consultations. A representative of Buchholz Planning will meet with you to review your personal situation and recommend the best plan to suit your needs.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

How do I learn more about this long-term care insurance program?

You may schedule a personal consultation with one of the professionals of Buchholz Planning. They will provide you with personalized information about your long-term care options. This meeting will last from 30 minutes to one hour. Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

How does the UWMF long-term care insurance plan compare to the plan offered by the state?

The state program offers two specific plans through their program, one with John Hancock and the other through Mutual of Omaha. UWMF offering carries a discount on two plans as well, however, Buchholz Planning is an independent agency and has available a variety of the top long-term care products to suit individual needs.

Buchholz Planning can provide you with a point-by-point product comparison of each of these products, including a sample of rates, to help you determine which plan best fits your personal situation. It is important to consider company financial strength, product features, medical underwriting concerns as well as price when selecting a long-term care product, whether through these offers or another agent of your choosing. Part of the service that Buchholz Planning offers is their assistance in making this evaluation.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

How long will it take to get my long-term care insurance?

The normal underwriting process will take approximately six weeks. During that time the insurance company will be obtaining your medical records and conducting a personal telephone interview with you. If you have any questions as to the status of this process, please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

How will I be billed for long-term care insurance?

For your convenience, premiums for this coverage may be processed as a payroll deduction through UWMF.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

I'm already paying for so much insurance. How is long-term care insurance different, and why should I purchase this?

Long-term care insurance is designed to provide funds to pay for the costs of care associated with a long-term illness or injury. Health insurance and Medicare/Medigap programs focus on skilled care. Long-term care pays for custodial care which is 90% of all care given.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

What are the benefits associated with long-term care insurance?

The long-term care insurance being recommended pays the same level of benefit for all forms of covered care. Care can be received at home, in an assisted living facility, community based care program (adult day care) or at home.

Additional features such as respite care, bed reservation, professional care coordination and alternative plan of care benefits are included in quality long-term care coverage.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

What are the chances I will need long-term care?

The risk of needing long-term care in your lifetime is approximately 68%. The average length of stay in a nursing home is 2.8 years, with 18% staying for more than five years. And remember, that's just the average length of stay for nursing home care, which may follow a period of in home care, assisted living facility care, etc.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

What is being offered under the long-term care insurance program?

Quality, individual long-term care insurance is being made available at discounted rates. Because you are leveraging UWMF's size, your cost is lower than you can attain individually. Once enrolled, even if you retire or leave UWMF, your coverage will continue at the same premium rate.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

What is long-term care?

Long-term care is an ever-changing array of services, provided to help people with chronic conditions cope with limitations in their ability to live independently. A person currently qualifies for long-term care when they can no longer perform two or more Activities of Daily Living (ADL). The six activities
of daily living are:

Severe cognitive impairment also falls within the qualification for needing long-term care services.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

What is the deadline to apply for long-term care insurance coverage?

There is no deadline for applying for coverage. You can apply or cancel coverage at any time by contacting Buchholz Planing at (608) 274-8989 or email them at michelle_reed@ajg.com or stacy_cardenas@ajg.com.

Who is eligible for long-term care insurance coverage?

All physicians of UWMF are being offered this program, together with their spouses or partners. Physician's parents, in-laws, grandparents and children are also eligible for coverage at the same discounted rates.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

Who is providing this long-term care insurance coverage?

After a thorough due diligence process, which included all major companies and their financial strength, policy provisions and pricing, Buchholz Planning has selected two, A+ rated insurance companies, as the endorsed carriers. Individual circumstances may dictate that alternate carriers may be appropriate. These situations will be discussed during the personal consultation with a representative of Buchholz Planning.

Buchholz Planning is the local firm selected to work with you. Buchholz Planning is an independent, objective insurance firm. They continually monitor the long-term care insurance marketplace and are committed to providing personalized solutions for each individual client. BPC specializes in providing quality benefit programs to the health care industry and has been our broker for many years.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.

Why have individual long-term care insurance coverage as opposed to a group plan?

Individual policies offer options in long-term care planning not available through group insurance plans. Your program provides you with the opportunity to receive individual counseling to discuss your wishes and priorities to ensure that your long-term care program is designed to suit your personal needs.

Please contact Buchholz Planning at (608) 274-8989 or email michele_reed@ajg.com or stacy_cardenas@ajg.com.