It is generally important for financial advisors to know what resources their clients have to cover potential costs of LTC. Therefore, we want to make sure you are aware that changes have been occurring in LTCi for K-12 educators in Wisconsin.
 
Approximately 90 school districts in WI had excellent LTCi programs through the Wisconsin Education Association Trust (WEA), in which school districts contributed to the cost of LTCi. However, about 2/3 of those programs have terminated and most of the other ~30 programs are expected to terminate shortly. Therefore, you may want to reach out to your K-12 teacher clients to get an update on their coverage.  They might benefit from your advice regarding future plans to fund potential LTC costs. Other changes, such as marriage or divorce, may also have occurred which could impact their LTC plans.
 
Because of excellent education about LTCifrom WEA and because your clients mayhave some remaining coverage or an option to purchase coverage, the conversation may be easier than with some other clients. 
 
Such a discussion also provides an opportunity to consider their (elder, primarily) relatives' exposure. If their relatives incur significant LTC needs, your clients' retirement plans might be disturbed by caregiving responsibilities or because anticipated inheritance diminishes.  Relatives other than domestic partners and spouses were not eligible for WEA LTCi (unless perhaps the elders or their spouses were also school-district employees). Click here to request Target documents regarding discussing LTC with parents or with children and a third document created to pinpoint LTC issues unique to K-12 teachers.
 
If your clients have any questions about their remaining WEA LTCi or about their options when change occurs, they would do well to call WEA's LTCi product manager, Cindy Griffiths, at 800-279-4000, x6753.
 
    
 
  
  
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