Protect Your Future Today

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  The Need for Long-Term Care

You probably know someone who has required long-term care services. Or maybe you’ve been a caregiver yourself. Either way, you may wonder how you’ll handle your own long-term care needs should they arise. 

Will your family take care of you? Will you be able to stay in your home? How will the need for care impact your retirement nest egg?

It’s hard to think of yourself becoming chronically ill and needing long-term care, but it’s estimated that almost 70 percent of people over age 65 will require long-term care services – for an average of three years. 

And 20 percent of those individuals will need that care for longer than five years.

The Cost of Care

To give you an idea of how expensive long-term care can be, here are some national averages.

• Home health aide, 44 hours a week [$61,936.16] per year

• Assisted living facility, one-bedroom unit [$57,916.08] per year

• Nursing home [$99,410.40] per year (semi-private room) [$113,529.60] per year (private room)

Many people believe they can count on Medicaid to pay for long-term care services, but that’s not often the case. For Medicaid to cover the costs, recipients must first meet income eligibility requirements (or spend down their assets), and care is restricted to Medicaid-approved services and facilities.

A Solution: Life Insurance with a Long-Term Care Rider

By adding the Long-Term Care (LTC) Rider to one of our universal life insurance policies, you can protect a couple of important needs – with one policy. The life insurance protects your loved

ones with a death benefit while the Long-Term Care Rider allows you to use all or a portion of the death benefit for qualified long-term care expenses.

Combining life insurance with a long-term care rider may help:

• Keep you from having to liquidate your assets to pay for your long-term care services

• Reduce the impact on your family – both in providing care and easing the financial impact

• Preserve your independence – most people would rather receive care in the comfort of their own home

Adding the LTC Rider to one of our universal life insurance policies is an affordable way to provide funds for long-term care. And, if you don’t use the long-term care benefits, your beneficiary still receives a death benefit. Even if you use a portion of your total LTC Rider benefit, your beneficiary will receive the remaining life insurance death benefit.

• You will be reimbursed for care provided in a nursing home or assisted living facility, home health care and adult day care

• Other reimbursable benefits include bed reservation (up to 30 days per calendar year in a nursing home or assisted living facility), respite care (one month per calendar year, no elimination period), and hospice care (no elimination period)

We also offer care coordinator services:

• Care coordinators are licensed healthcare professionals who will help you assess your needs, develop an individualized plan of care, and help you arrange for long-term care services. There’s no elimination period to satisfy to use of care coordination services

• When you use a care coordinator, you’re also eligible to be reimbursed for additional stay-at-home benefits, including caregiver training, durable medical equipment, home modification and a medical alert system (stay-at-home benefits combined are limited to two times the maximum monthly benefit amount; no elimination period)

• You pay no LTC Rider charges while you receive LTC benefits; however, life insurance policy and other rider charges continue