The Trust provides to each active administrator a Long Term Care policy. This policy pays $1000 per month for a long term care facility, $600 per month for an assisted living facility, and $500 per month if receiving professional home care from a licensed practitioner. This LTC plan pays a maximum benefit of $60,000. This policy is a negotiated benefit offered through the Trust and there is no cost to active administrators. Active administrators and retirees may also elect to purchase additional long term care coverage from UNUM.
Long-term care refers to the many services beyond medical care and nursing care used by people who have disabilities or chronic (long-lasting) illnesses. Long-term care insurance helps you pay for these services, which can be very expensive. A long term care policy also ensures that you can make your own choices about what long-term care services you receive and where you receive them.
People are living longer and longer these days. That's good news, but the flip side of that is there are more years in which there's a risk of serious health problems. Unfortunately, ordinary health insurance policies and Medicare usually do not pay for long-term care expenses. Medicaid, a federal/state health insurance program, will only pay for long-term care if you've already spent most of your savings or other assets. So, there's long-term care insurance.
Long-term care insurance typically covers the cost of:
Many people don't think about long-term care until they get into their 70s and 80s and their health begins to fail. At these ages, you may be too high a risk for an insurer to cover you; or if you do qualify, the premiums can be astronomical. In fact, some long-term care policies have restrictions on age and health status.
The best time to buy long-term care insurance may be middle-age. It's the time when you have the highest likelihood of being eligible for a policy and, just as important, when premium costs might be lower.
To learn more about Long Term Care insurance, please follow this link, or feel free to contact us by email or call us at 702-252-0888.