Long Term Care - Unum
Long Term Care insurance can help cover the costs of care when you have a chronic medical condition, a disability, or severe cognitive impairment. Medical insurance doesn’t cover long term care, meaning you would have to pay for it yourself. The School District offers a Long Term Care plan through Unum. It has an elimination period of 60 days, which is the amount of time you must wait before benefits become payable. If you do not enroll as a new hire, health questions must be completed to be considered for future coverage.
Long term care insurance may help you avoid a far more difficult decision: whether to exhaust your savings or liquidate your assets to pay for a period of long term care. This policy may help you be prepared for the financial realities and maintain control of some important decisions, such as:
- Who would take care of me?
- Where can I choose to receive care?
- Would I be a burden to family if my savings couldn’t cover my care?
Who’s At Risk?
Long term care insurance is not just for the elderly. 40% of people currently receiving long term care are working-age adults between 18 and 64 years of age. About 70% of individuals over age 65 will require some type of long term care services during their lifetime. By 2020, 12 million people are projected to need long term care.
Additional Information
Medical insurance and Medicare are designed to pay for specific care for acute conditions - not for long term help with daily living. Medicaid only helps with long term care expenses after you have depleted virtually all of your assets. The exact amount varies by state but usually leaves just a few thousand dollars in total assets. Only long term care insurance may cover those costs and allow you to maintain
as much of your assets as possible.
All Unum plans include a home health option. This allows you to use your benefit to pay for an aide to come to your home, so you can remain in your residence as long as possible. For an extra premium, some plans allow you to pay family or a friend to take care of you.
People often buy long term care insurance at an early age, because the younger you are, the more affordable the rates. In fact, 63% of the people who buy group LTC insurance are under age 55.
Frequently Asked Questions (FAQs)
Will my other insurance pay for long term care?
Unfortunately not. Medical insurance and Medicare are designed to pay for specific care for acute conditions. They do not pay for long term help with activities of daily living.
Do I need to be in a nursing home to use the long term care insurance?
No. All Unum plans include a home health option. This allows you to use your benefit to pay for an aide to come to your home so you can remain in residence as long as possible.
Why should I buy coverage now?
Employee often buy long term care insurance at any early age because the younger you are, the more affordable the rates.
Why should I buy coverage at work?
Competitive group rates and limited health questions.
How to Enroll
To view coverage options and premiums, please visit www.unuminfo.com/sog.
| Benefit Duration | 3 Years | 6 Years | Lifetime |
|---|---|---|---|
| Facility Benefit Amount | $2,000 - $8,000 | $2,000 - $8,000 | $2,000 - $8,000 |
| Assisted Living Facility Percent | 100% | 100% | 100% |
| Professional Home & Community Care | 100% | 100% | 100% |
| Inflation Protection - Option | Simple | Simple | Simple |
| Accelerated Payment - Option | Greater of 10 Yr or to Age 65 | Greater of 10 Yr or to Age 65 | Greater of 10 Yr or to Age 65 |
