Step #1: Select a Benefit Bank Amount:
Eligible employees select either $50,000*, $100,000, $200,000 or $300,000 as the total benefit bank.
This is the total dollar (or maximum benefit) amount you have to pay for LTC services.
Step #2: Select your Monthly Benefit Payout Structure:
When you become eligible for benefits, you can choose between the payout options below. You'll notice that the total benefit bank you select, directly correlates to your monthly benefit.
|
$50,000* Benefit Bank |
$100,000 Benefit Bank |
$200,000 Benefit Bank |
$300,000 Benefit Bank |
|
$1,000 Monthly Benefit (or $300 Cash Alternative) |
$2,000 Monthly Benefit (or $600 Cash Alternative) |
$4,000 Monthly Benefit (or $1,200 Cash Alternative) |
$6,000 Monthly Benefit (or $1,800 Cash Alternative) |
OPTION 1: Receive reimbursement for qualified long term care services, up to your Monthly Benefit for Covered Expenses. Covered expenses include care at home through a home care agency or independent provider, in an assisted living facility, in an adult day care center, or in a nursing home. Hospice care is also covered.
OPTION 2: Elect to receive a cash payout, equal to your Cash Alternative Monthly Benefit amount. The cash benefits can be used to pay an informal caregiver, such as a family member or friend — or used for other purposes unique to your care situation.
Note: The choice between the two options can be made on a monthly basis. Any un-used Monthly Benefit dollars will remain in your Benefit Bank and extend the life of your policy.
Step #3: Optional Riders
Compound Inflation Benefit (1%, 3% or 5%): If you elect this optional benefit, your current Monthly Benefit and your remaining Benefit Bank will automatically increase by 1%, 3% or 5% each year. The increase will be effective on each anniversary of your policy and rider, even while you are receiving benefits.
Nonforfeiture Benefit: If this rider is in force for at least three full years, and your policy then terminates due to non-payment of premium, this optional benefit allows you to retain a reduced paid-up amount of coverage. You will have a revised Benefit Bank equal to the greater of: (a) 100% of the sum of all premiums paid by you; or (b) one times your Monthly Benefit. Not applicable if Benefit Bank is exhausted prior to lapse.
* In WI: The $50,000 Benefit Bank is not available