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Long Term Care Insurance (LTC)

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Description

Definitions

Eligibility Requirements

Limitations and Exclusions

NEW

Why Should I Choose Long Term Care Insurance? (slides from 2/19/2013 presentations)     

Article: Impact of Alzheimer's

Webinar - Feb 2013
(There is no "Recording key", simply select the “View Recording” button. For your best viewing the Microsoft Office Live Meeting High-Fidelity Presentation format should also be selected.)

* Unum Rate Increase FAQs   

* Unum's Individual and Group Market Share

* Unum Individual MarketShare 

 

IMPORTANT: Significant premium rate increases expected to impact all coverages sometime after 6/2014

The following descriptions are general.  For more specific information about plan benefits and limitations, refer to the Long Term Care Certificate.


Long Term Care (LTC) Benefit Description

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Long term care insurance is voluntary and may be purchased by the employee at the University's negotiated group discount. Long term care insurance is used to pay for custodial care. 

LTC differs from health insurance which pays for some short-term skilled care, but doesn't pay for custodial care. LTC provides a longer period of coverage and includes not only facility (skilled) care, but may also be used for assisted living and home care.

LTC differs from disability insurance which replaces a portion of the disabled person's income which is needed to pay expenses (mortgage, utilities, food). LTC provides instead the monthly amount purchased by the employee for the custodial care. Reimbursement of actual expenses does not have to be proven to use LTC insurance.

LTC may be purchased in increments of $1,000 to $8,000 per month.  The liftetime maximum is 3 years, 6 years or Unlimited years.  The insurance may be purchased with inflation protection (compound interest) or without.

The rate is based on age at puchase. Thus, the younger the age when purchased, the lower the monthly premium.  If you change employers or retire, coverage is maintained at affordable group rates. 
Please be aware: rates can change if an insurance company requests and the State Insurance Commissioner agrees.

For New Employees (hired between the previous November 1 and a year later Oct 31) a guaranteed issue occurs their first November.  The guaranteed issue guarantees a certain amount of insurance without completion of a medical questionnaire.

Continuing employees, and eligible family members of all employees:  parents, grandparents and in-laws, are also eligible for long term care insurance at the reduced group rate by completing medical questionnaires.

To determine rates visit: http://w3.unum.com/enroll/spu. 

REMINDER: Significant premium rate increases expected to impact all coverages sometime after 6/2014

To find Licensed Long Term Care Providers visit:  www.ltcresourceguide.com/guide

Use Employer Code: 000056

Definitions

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Custodial Care

Refers to care needed to assist with activities of daily living (ADL's) such as: bathing, toileting, transferring, eating, dressing, continence, or supervision needed due to a severe cognitive impairment (such as Alzheimer's, memory loss, dementia or senility). 

.Eligibility Requirements

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Employees are eligible to acquire at their own expense the long term care insurance if they work in a regularly budgeted position a minimum of 20 hours per week (.50 FTE).

For purposes of this policy, the individual must need help with 2 out of 6 activities of daily living or have a severe cognitive impairment.

The loss must be expected to last 90 days as certified by a licensed healthcare professional and an elimination period (waiting period) of 90 days must be met.

.Limitations and Exclusions

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Temporary employees and employees scheduled to work fewer than 20 hours per week are not eligible for this voluntary insurance benefit.