Long Term Care Insurance
Protect
Your
Assets.
Get
Quality
Care.
Prepare
For The
Future.
What is it?
Long-term
care
insurance
helps
you pay
for your
extended
medical
needs in
a
nursing
home
facility
or in
the
comfort
of your
own
home.
Who needs it?
Long-term
care
insurance
should
be an
important
part of
every
family’s
planning.
While
we’d
like to
think
that we
will
never
need
long-term
care, or
that we
could
easily
afford
it the
statistics
suggest
otherwise:
-
70
percent
of
people
over
age
65
will
need
some
type
of
long-term
care services during their lifetime. - 3 years is the average duration of long-term care needed per individual.
- $91,250 is the average annual cost of private nursing home care.
- $80,300 is the average annual cost of at-home nursing care.
Traditional medical insurance programs and government medical insurance programs don’t usually provide enough help. According to the Department of Health and Human Services, Medicare only pays for long-term care services for a maximum of 100 days, with a copay after the 20th day, and only if you meet certain criteria. Medicaid does pay for long-term care, but only if your income is below a certain level, and you meet state requirements.
How does it work?
Knights of Columbus Long-Term Care insurance policies establish a pool of money (also known as a maximum lifetime benefit), which is determined by a number of options that you choose from (see below). That pool of money is then available for you to use to cover qualified long-term care expenses. When the pool of money is exhausted, your long-term care policy ends.
The Knights of Columbus also offers a spousal discount program, through which spouses who apply for long-term care insurance coverage together are eligible for up to a 30 percent discount.
What options do I have?
Coverage Type
Comprehensive
Coverage
–
Comprehensive
long-term
care
insurance
allows
you to
use the
policy
to help
cover
expenses
at home
or in a
skilled
nursing
facility.
Facility-Only
Coverage
–
Facility-only
long-term
care
insurance
helps
cover
expenses
in a
skilled
nursing
or
assisted
living
facility.
Benefit Period
3-Year
–
Establish
a
maximum
lifetime
benefit
designed
to help
cover
three
years of
long-term
care
expenses.
5-Year
–
Establish
a
maximum
lifetime
benefit
designed
to help
cover
five
years of
long-term
care
expenses.
10-Year
–
Establish
a
maximum
lifetime
benefit
designed
to help
cover 10
years of
long-term
care
expenses.
Daily Benefit
Working
with
your
Knights
of
Columbus
field
agent,
you
establish
the
daily
benefit
amount
that the
policy
provides,
based on
your
budget
and your
projected
need.
Your
daily
benefit
amount,
combined
with
your
benefit
period,
will
determine
your
maximum
lifetime
benefit,
all of
which
will
affect
your
premium.
Elimination Period
Long-term
care
insurance
policies
come
with an
elimination
period,
which
serves
as
your
deductible
or
out-of-pocket
amount.
You can
select a
30, 90,
or
180-day
one-time,
lifetime
elimination
period,
after
which
time
your
benefits
will
begin to
be paid.
Additional Features and Benefits
A
number
of
special
features
and
benefits
– often
called
riders –
are
available
on
Knights
of
Columbus
long-term
care
insurance
products.
An
example
is the
compound
inflation
rider,
which
will
increase
your
maximum
lifetime
benefit
annually.
Contact
me
with
questions
today to
learn
more
about
our
long-term
care
insurance
products
and the
safety
and
security
that we
can help
provide.
U.S. Department of Heath & Human Services Clearinghouse for LTC Information
Ibid.
2015 Cost of Care Survey, Genworth.
Ibid.
U.S. Department of Health & Human Services