We are pleased to offer our members with outstanding worksite products through leading insurance and benefit carriers. Always growing, our list of products are setup to help you meet the needs of your clients.
Long Term Care Insurance
Long Term Care Insurance is protection against the ruinous costs of care associated with not being able to perform at least two of the six basic activities of daily living. It fills gaps in Medicare and Private Insurance coverage.
Generally associated with care for aging persons, this care can apply to individuals who are debilitated for any number of reasons and require specialized, custodial care in their home, an assisted living facility, or nursing home.
The activities of daily living or “ADLs”are the major trigger for the initiation of the Long Term Care insurance coverage.
- Maintaining Continence
Long Term Care insurance costs can vary greatly based on:
- How old you are when you buy the policy
- The maximum amount that a policy will pay per day
- The maximum number of days (years) that a policy will pay
- The maximum amount payable per day, times the maximum number of days payable, determines the lifetime maximum amount that he policy will pay.
- Any optional benefits you choose, such as inflation protection.
Long Term Care Insurance can provide for in-home care. Some policies provide for family members to be compensated, others do not.
Long Term Care Insurance provides for assisted living care with varying levels of care available.
And, Long Term Care provides for skilled nursing home care. Per the Federal Health Care Financing Administration, the average cost per day for skilled nursing home care is $200, or around $73,000 per year.
The greatest threat to a long and comfortable retirement is financial deterioration due to being unprepared for the cost of long term care.
Partnership policies and Tax Qualified policies are variations on the basic Long Term Care Insurance platform. These add legal State and Federal standards that have widely been adopted by all carriers.
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