CHART A COURSE FOR YOUR EMPLOYEE BENEFITS INSURANCE SPOUSES, PARENTS, AND GRANDPARENTS OF EMPLOYEES MAY BE INCLUDED IN EMPLOYER GROUP PLANS. PARENTS AND GRANDPARENTS OF EMPLOYEES' SPOUSES MAY BE INCLUDED IN EMPLOYER GROUP PLANS.
LONG TERM CARE SERVICES: WHY LONG TERM CARE INSURANCE?:
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Both The Need And The Cost For Long Term Care Are Significant.
PROTECT YOUR ASSETS.
PROTECT YOUR LIVING STANDARDS.
With Long Term Care Insurance.
Long Term Care
Long-term care involves a wide variety of services for people with a prolonged physical illness, disability or cognitive disorder (such as Alzheimer's disease). Long-term care is not one service, but many different services aimed at helping people with chronic conditions compensate for limitations in their ability to function independently. Long-term care differs from traditional medical care as it is designed to assist a person to maintain his or her level of functioning, as opposed to care or services that are designed to rehabilitate or correct certain medical problems. Long-term care services may include, but are not limited to, help with daily activities at home, such as bathing and dressing, respite care, home health care, adult day care, and care in a nursing home.
Persons with physical illness or disabilities often need hands-on assistance with activities of daily living. Persons with cognitive impairments generally need supervision, protection or verbal reminders to accomplish everyday activities.
Long-term care services are generally classified into three different categories:
1. Skilled nursing care (as defined by the NAIC) is needed for medical conditions that require care by skilled medical personnel. This care is available 24 hours a day, is ordered by a physician, and involves a treatment plan.
2. Intermediate nursing care (as defined by the NAIC) is needed for stable conditions that require daily, but not 24 hour nursing supervision. Such care is ordered by a physician and supervised by registered nurses. Intermediate care is less specialized than skilled nursing care and involves more personal care.
3. Custodial care (as defined by the NAIC) helps a person perform activities of daily living, which include assistance with bathing, eating, dressing, and other routine activities. It is less intensive or complicated than skilled or intermediate care, and can be provided in many settings, including nursing homes, adult day care centers, or at home.
1. U.S. News & World Reporter in January of 1995 reported that one of every two people age 65 and over will require long term care.
2. The National Association for Home Care reports that in 1996 home care recipients doubled to four million beneficiaries--twice the number from 1990.
3. The average cost of a year in a nursing home averages between $40,000 and $80,000 and this cost varies widely across the country.
4. After paying for one year of long term care, 72 percent of elderly Americans are impoverished.
5. Nationwide, caregiving families spend $2 billion per month of their own money providing care to family members.
6. Long-term care expenses are generally NOT paid for by Medicare, Medicare supplement insurance, or the major medical health insurance provided by most employers.
7. Bringing a health-care professional into the home three times a week can cost $12,000 a year, or more. The chances of needing home health care are substantially greater than needing nursing home care.
8. Nearly 40 percent of people receiving long term care are working aged adults from age 18 to 64 (5.1 million).
9. The annual cost to companies for lost productivity of employees due to elder care issues is $17 billion a year, or $3,142 per employee.
10. Within the next 25 years, one in three workers will provide some type of long term care. Women, the primary care givers, will spend more time taking care of elderly relatives than they spend taking care of their own children.
11. Under federal legislation, a business may now deduct premiums paid on behalf of employees for Group Long Term Care coverage as a business expense--the same as they do for health insurance.
12. Employers can choose to pay the premiums for a select group of employees i.e. as an executive compensation package without being required to pay premiums for the entire workforce.
13. Many employer group plans can be tailored to cover the extended families of employees. Plans may cover spouses, parents of employees, parents of spouses, grandparents of employees, and grandparents of spouses. Plans may also include the company's retirees and eligible family members.
14. The overall value of long term care insurance to the employee and his or her family as well as the company is substantial.
15. Long Term Care Insurance is available through both individual policies and employer-group policies.
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CHART A COURSE FOR YOUR EMPLOYEE BENEFITS INSURANCE
SPOUSES, PARENTS, AND GRANDPARENTS OF EMPLOYEES MAY BE INCLUDED IN EMPLOYER GROUP PLANS.
PARENTS AND GRANDPARENTS OF EMPLOYEES' SPOUSES MAY BE INCLUDED IN EMPLOYER GROUP PLANS.
LONG TERM CARE SERVICES:
WHY LONG TERM CARE INSURANCE?: