Today, we’re living longer than ever. However the longer we live, the more likely we may suffer a chronic or disabling illness that requires in-home care or a stay in an assisted living facility or nursing home. According to a recent study, about half of Americans will need high levels of long term services and support after age 65 to help them with everyday activities.1
The costs of these services are expensive (average annual cost of nursing home care is $92,3782) and are expected to increase every year. Contrary to popular belief, Medicare, major medical and health care plans, and disability insurance will not cover most costs for these services. These expenses can quickly deplete your personal savings and may impact your retirement dreams
Long Term Care (LTC) Insurance can help you pay the cost of your care and help keep your savings intact and lessen the impact of care on your loved ones. It may also help you maintain your independence by allowing you to stay in your own home as long as possible, rather than receiving care in a nursing home or assisted living facility. Advantages include:
1How Much Could Financing Reforms for Long Term Services and Supports Reduce Medicaid Costs? Melissa M. Favreault, Howard Gleckman, and Richard W. Johnson, February 2016
2Genworth Life Cost of Care Survey, 2016
Who is the provider?
Your employer has made arrangements with Mercer Voluntary Benefits to offer you access to a Long-Term Care Insurance program. This program will help you review your needs and offer you options from Genworth Life Insurance Company.
How can this help me?
Long Term Care Insurance helps you offset the costs of care for help with activities of daily living, such as bathing, dressing, eating, toileting, transferring and continence. This coverage will also provide benefits if you suffer from a severe cognitive impairment, which may be the result of diseases (like Alzheimer’s disease) or aging. Long term care services may be at your home, in a nursing home, an assisted living facility, or a hospice facility.
Why is this coverage necessary? You may need it in three years or three days; it's impossible to predict how long you'll be in good health or if you'll suffer from long term effects of an accident or debilitating disease. And, because long term care insurance rates are based on your age at the time of purchase, the younger you are when you enroll, the less your premiums will be.
Who is eligible?
All eligible employees and family members must maintain a permanent US residence and have a valid Social Security or Tax Identification number from the US Government.
Please note, this program is not available to residents of Vermont.
When can I enroll?
As a new hire, you can enroll during your employer's designated enrollment period. Once you’ve reached the designated enrollment period you will have a certain number of days to apply with simplified underwriting. After the designated enrollment period, you may enroll with full underwriting.
How much will this coverage cost?
Your cost is based on several factors including your age, any special features you select, and the amount of coverage you want. To get a free, no-obligation online quote, click the "Enroll Now" link.
What if my employment status changes?
What is the cost of waiting to purchase Long Term Care Insurance?
If you are thinking of waiting to purchase LTC insurance coverage, consider the impact of waiting:
Waiting delays covering your LTC risk can cost you money and deplete savings.
Won’t the Federal Government pay for my Long Term Care?