Most medical plans don't cover long-term care services such as nursing home care or at-home care to assist with bathing, eating or other activities of daily living. Anyone at any age may need these services, the cost of which can quickly deplete savings or retirement income. The Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program can help with these costs. Long Term Care Programs for Active and Retired Members VRS has contracted with Genworth Life Insurance Co. as the insurer for the program. Participant-paid coverage provides a monthly benefit allowance for covered long-term care expenses. General Eligibility You are eligible to apply for coverage in the COV...
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Cecilie_Arcurs/Getty Images Is long-term care insurance a wise purchase? Here are five questions you can ask to see whether this type of insurance will benefit you. Do You Lead a Healthy Lifestyle? Believe it or not, being healthy may mean that you are more likely to need care. The healthiest people are often the ones who end up needing long-term care assistance later in life, whereas heart problems or cancer may take the unhealthy ones sooner. One of the benefits of long-term care insurance, if you are a healthy person, is that it can allow you to stay in your home and maintain your independence longer. Most policies issued today cover the cost of in-home care, which can provide someone...
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Life insurance is often viewed as a necessary part of a financial plan. This coverage can provide financial protection for your loved ones if you pass away during the coverage period. But life insurance policies often offer ancillary benefits that can be worth the additional cost. One of these options includes paying for the long-term care you might need before you die. Depending on the situation and your budget, obtaining long-term care insurance through a life insurance policy can be an excellent financial decision. The Costs of Long-Term Care The U.S. Department of Health and Human Services estimates that seven out of 10 people turning 65 today will need some form of long-term care in...
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div>.uk-panel'}" data-uk-grid-margin> 2020 Long Term Care and Whole Life with Unum Long Term Care Insurance Long Term Care is the assistance received when someone needs help with two or more activities of daily living such as bathing, dressing, toileting, transferring, continence and eating-or someone who suffers a severe cognitive impairment. This care could be provided in the home, in an assisted living or residential care facility, or in a skilled nursing facility such as a nursing home. You may elect coverage for yourself; spouse; siblings; children; parents (employee and spouse); grandparent (employee and spouse); sibling of the employee's spouse; the spouse of the employee's sibling...
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What is a Long Term Care Benefit Plan? A Long-Term Care Benefit Plan is the conversion of an existing, in-force life insurance policy into a pre-funded, irrevocable Benefit Account that is professionally administered with payments made monthly on behalf of the individual receiving care. The Benefit is not long-term care insurance or a policy loan of any type. It is a unique financial option for seniors because all health conditions are accepted, and there are no wait periods, no care limitations, no costs to apply, no requirement to be terminally ill, and there are no premium payments. A Long-Term Care Benefit Coverts Life Insurance Into Monthly Payments Covering Any Form of Senior Care...
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Insurance is often an essential estate planning tool for many families. Below, different types of insurance tools are discussed. If you have questions about whether insurance makes sense for you, contact our firm today for all of your life insurance and long-term care insurance needs. Term Insurance: This type of insurance is cheaper to purchase, and is used for temporary needs. A great use of term insurance is for new families with young children. By using term insurance, you ensure that if a spouse dies at a young age, the family will be taken care of. Whole Life Insurance: Whole Life Insurance does not expire, assuming you continue to pay premiums. Whole life insurance usually has cash...
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Accident This coverage provides an additional amount of insurance if you suffer a fracture, dismemberment, loss of one or more limbs or loss of sight or death due to an accident. Benefit payment for dismemberment does not cancel the coverage Each accident may be eligible for benefits The benefit may be doubled in certain circumstances (e.g., accident aboard public transit). Provides a lump-sum benefit if you suffer a fracture due to an accident. $5,000: Fracture of the skull (dome of the skull), spine (excluding coccyx), pelvis (excluding coccyx) or femur $1,500: Fracture of a rib, sternum, scapula, humerus, patella, tibia, fibula, larynx and trachea $750: Fracture of a bone not listed...
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My husband and I are curious about long-term care insurance. It all seems so confusing. How can we decide if (and when) we should buy it, and if so, what kind? Not only am I glad you're investigating one of the biggest risks to retirement security, I'm also really happy you're looking at this issue together. If either one of you ultimately needs long-term care, it will impact you both. Long-term care (LTC) insurance comes in a variety of shapes and sizes, but all policies have some features in common. I've talked about some basics and the importance of LTC insurance before, but choosing a policy requires some extra thought. Here's what you need to know. There's no two ways around it. LTC...
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Become a master gardener. Travel around the country in your RV. Or volunteer at the local animal shelter. Something you probably don’t look forward to is needing health care, which gets more expensive every year. There are long-term care insurance options you can consider — to ensure the retirement nest egg you worked so hard to earn is preserved and help relieve your future caregivers (often family members) from financial and emotional stress later on. Start thinking about long-term care insurance options while you’re healthy It’s important to begin the process and make some crucial decisions now — before an unexpected health change could suddenly change your needs. And the chances of...
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Prepare for whatever the future holds Planning for long-term medical care can be stressful and confusing. With such a complicated topic, figuring out the best course of action can feel impossible without an expert helping you through every step of the process. ASCE won't leave you in the dark during your long-term care planning. We've partnered with Long-Term Care Resources (LTCR), one of the leading independent LTC insurance agencies in the country. Since 1997, LTCR has helped over 650,000 association members find the long-term care options that best fit their needs. And now, LTCR is offering LTCRplus: a robust membership program that makes it easier than ever to navigate the complex...
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