LONG TERM CARE

We expect that due to lifestyle trends in healthy eating, exercise and regular medical check-ups, the age 65 and over population in your credit union has expanded many times over. Unfortunately, due to cultural changes in the U.S., such as the increase in divorce rate, increase in the number single parent families and the decline of the nuclear family, many elderly people find themselves aging without the luxury of having a family to take care of them, or the means to afford a professional caregiver.

It is estimated that 7 in 10 people over age 65 will use home care.¹ Long Term Care is costly.

"The average cost of a Nursing Facility is estimated at nearly $153 a day or $55,000 per year with the average stay being 3 years or more." ²

It is not surprising that elderly Americans are impoverished after paying for one year of long-term care. Long-term care insurance will enable your member’s to stay afloat, preserve assets and determine who will care for them - they make the choice. Retirement plans will not be at risk.

We have four available insurance carriers to meet the individual needs of your members: John Hancock, MassMutual, Produdential, and UNUM. Click here to view the Plan Comparison By Insurance Carrier. (Policy provisions may not be available in all states). Premium rates are based on current age and health status.

ELIGIBILITY
John Hancock - ages 18 to 84
MassMutual - ages 18 to 84 (In NY & NJ 18 to 80)
Prudential - ages 18 to 84
Unum - ages 18 to 80

BENEFITS AND FEATURES
Benefit amounts - Daily Maximums from $20 to $500, Monthly Maximums from $1,000 to $9,000
Elimination Periods - 20 days to 730
Home and Community -Based Care Daily Benefits - 50%, 60%, 75% or 100%
Benefit Period - 2, 3, 4, 5, 6, 10 years or Lifetime

OPTIONAL RIDERS

ADDITIONAL FEATURES:
Waiver of Premium Rider
Spousal Discounts
Optional Independent Caregiver Certification
Respite Care
Care Advisory
Bed Reservation Benefit
Worldwide Coverage (not available with all carriers)
Preferred Health Discounts
Alternate Plan of Care
Informal Home Care

Our plan administrator, Selman & Company, will have a licensed agent readily accessible to answer any questions you or your members should have regarding the Long Term Care Insurance plans. Please feel free to call 1.877.665.7563. EXT. 201.

¹ Sadler and Newman, 1993, p. 111
² Medlife Mature Market Institute, 2000

CARRIERS
MassMutual
MassMutual’s long term care insurance covers a wide array of long term care services, including home care, assisted living and facility care. Fortune magazine listed MassMutual number 84 in its 500 largest companies in America and as one of its “Most Admired” companies in America. MassMutual’s assets under management were $240 billion in 2002. MassMutual is rated A++ (Superior) by A.M. Best, AAA by Fitch, Aa1 by Moody’s and AAA by Standard & Poor’s.

Prudential
Prudential has a history of more than 125 years in financial services and is the second largest life insurer in the U.S. Prudential Financial has approximately $550 billion in total assets under management and administration. Prudential’s long term care products offer the flexibility of choices to meet your needs. Prudential is rated A (Excellent) by A.M. Best, AA- by Fitch, A1 by Moody’s and A+ by Standard & Poor’s.

John Hancock
Established 140 years ago, John Hancock is a pioneer in the Long Term Care Industry, issuing its first policy in 1987. John Hancock’s Custom Care Product is competitively priced and includes many familiar benefits, especially the availability of a worldwide coverage benefit. John Hancock is rated A++ (Superior) by A.M. Best, AAA by Fitch, Aa2 by Moody’s and AA+ by Standard & Poor’s.

Unum
Unum Life Insurance Company of America traces its history to the founding of Union Mutual Life Insurance Company in 1848. Unum’s long term care products allows purchasers to choose coverage based on specific needs and budget requirements. Unum is rated A- (Excellent) by A.M. Best, A- by Fitch, A3 by Moody’s and A- by Standard & Poor’s.

Plan Comparisons (.pdf)