1. What is Long-Term Care Insurance?
Answer: Long Term Care is the personal assistance you may need with the “Activities of Daily Living” (Bathing, Eating, Dressing, Toileting, Transferring or Maintaining Continence) as the result of an illness, an accident or the aging process, or it can also include the supervision needed with a cognitive impairment such as Alzheimer’s disease or Dementia. Because these services are not covered by your medical plan, you would have to pay for this care out of your own personal finances. Long Term Care Insurance is specifically designed to pay for that care so you don’t deplete your financial resources when this care is needed.
2. Does the plan include additional discounts for couples?
Answer: Yes, a couple that both apply and are both approved get a 10% discount on their premiums.
3. How can I determine how much coverage I need?
Answer: This website includes many tools to help you navigate the cost of care and the cost of the various plan options. You can also contact the Long-Term Care Insurance advisory team Monday-Friday from 8:00 a.m. to 5:00 p.m. CT to get personalized assistance at the phone number listed on this website
4. What are the benefits of enrolling in this plan now?
Answer: During an approved special enrollment period, the plan is offered to eligible employees with Simplified Underwriting and if the employee enrolls, their working spouse/partner may also be eligible to enroll with the same Simplified Underwriting. Refer to the plan's Simplified Underwriting guidelines. If you apply after an approved enrollment period, full medical underwriting will be required.
Also, unlike other benefits, with LTC insurance you permanently lock in your entry age when you enroll, and premiums are based on your entry age. Waiting to enroll means you will always pay more for the same coverage. The plan’s discounted group rates are also offered on a gender neutral basis, which typically represents a savings over market rates.
5. How long does it take to get approved for individual applicants? For couples?
Answer: Simplified Underwriting applications typically process in 10-14 business days. The timing for a Comprehensive Underwriting application varies depending on the turnaround for requested medical records. If a couple is applying together, the approval or decision will be held until the underwriting process is completed for both applicants. This is because the applicable couples discount cannot be applied until the outcome of both applications is determined. If there is a delay in the process or information is missing, the advisory team will send a communication to the applicant to let them know what actions they can take to complete the process.
6. What is the difference between LTD and LTC?
Answer: Long-Term Care Insurance will help you if you have a serious accident and cannot perform some of your activities that you may take for granted. It is a program that places a safeguard on your retirement savings. Long-Term Disability will help you with your income, should you become disabled for a long period of time and are not able to work.
7. Is there a death benefit associated with Long-Term Care Insurance?
Answer: No, there is not a death benefit associated with traditional Long-Term Care Insurance
8. How do I qualify for benefits?
Answer: When a licensed healthcare practitioner deems you unable to perform 2 of 6 Activities of Daily Living (bathing, dressing, transferring, toileting, continence, eating) or diagnosis of a severe cognitive impairment (such as Alzheimer’s or dementia) that is expected to last at least 90 days. Benefits payable following a single lifetime 90 calendar day Benefit Wait Period.
9. Is there a way to automatically increase my benefit over time?
Answer: Yes, a benefit increase rider is available for an additional premium. If you elect this optional benefit, LifeSecure will automatically increase your current Monthly Benefit and your remaining Benefit Bank each year. The increase will be effective on each anniversary of your policy and rider, even while you are receiving benefits.
10. Can I file for reimbursement from my HSA account for my Long-Term Care Insurance premiums?
Answer: Yes, LTC premiums are an eligible expense under an HSA Plan. The deductible amounts are subject to age based limits for a given tax year.