Long-Term Care Insurance

Long-Term Care Insurance  

Overview

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:

  • Provides flexible options to decide what type of care services you may need: Home health care, nursing home and/or skilled facility care.
  • Services include help with the activities of daily living (bathing, dressing, eating, etc).
  • Your eligible family members may also apply for coverage: your spouse/domestic partner, adult children, parents or in-laws, grandparents and siblings.

 

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

Learn More or Enroll

Click the link to learn more about your Long Term Care insurance offering or to schedule a free consultation.
Contact Us

 Address
Mercer Voluntary Benefits
12421 Meredith Drive
Urbandale, IA 50398
 Phone
1-866-874-2841
 Hours
 M-F 9a-6p ET
 Email
customer.service@mercer.com

FAQ's

Answers about the plan, including eligibility, options, enrollment, customer service and more.
  • 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?

    • Actively-at-work full-time employees
    • Newly hired full-time employees working at least 20 hours per week have the opportunity to apply with reduced medical underwriting depending on their age, during the first 60 days of date of hire.
    • Family members aged 18-75 including:
      • Spouses or domestic partners
      • Parents, Parents-in-law, Step parents and Step parents-in-law
      • Grandparents, Grandparents-in-law, Step grandparents and Step grandparents-in-law
      • Siblings, Siblings-in-law, Step-siblings and Step siblings-in-law
      • Adult children, Step children and adopted children

    Eligibility Requirements

    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?

    When you leave or retire from your current employer, you can continue your coverage without interruption as long as you continue to pay your premiums. Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank, or home billing.
  • 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:

    • Increases the risk of being ineligible for insurance.
    • Can increase the overall cost of coverage because premium rate increases are based on your age at time of enrollment and the plan design you select.
    • Decreases the overall time you have LTC insurance coverage, leaving you responsible for the cost of care if you need long term care services.
    • Family may sacrifice income by reducing their hours at work to care for you.
    • Without LTC insurance, individuals and families risk exposure to emotional and financial hardships.


    Waiting delays covering your LTC risk can cost you money and deplete savings.

  • Won’t the Federal Government pay for my Long Term Care?

    Medicare provides minimal financial support for LTC services. Medicare was designed to pay for acute medical conditions and post-rehabilitative care; it was not intended to pay for costs associated with LTC. To qualify for nursing home care under Medicare, a three-day hospital stay is required, and care must be rehabilitative in nature. If these conditions are met, Medicare will pay for the first 20 days. Days 21-100 require a co-payment. There is no coverage after day 100.

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.