Long Term Care Insurance

What is Long- Term Care Insurance?

Long Term Care is the type of assistance you would need if you were chronically ill and unable to handle some of the basic activities of daily living (eating, bathing, dressing, toileting, continence and transferring), or if you require substantial supervision due to a cognitive impairment. It can help you stay independent for as long as possible, enabling you to receive care in the location that you choose. (Your home, community adult day care center, hospice care facility, assisted living facility or nursing home).

John Hancock presents its Leading Edge product to new full-time University employees (ages 18-64) under Simplified Issue during the first 60 days of employment.

How Much Does Coverage Cost?

Because there are so many variables involved in determining the price (coverage policy elected, benefit period, applicable discounts), Gabor has requested employees contact them directly for the pricing structure. You can reach them at 1-800-330-6115 (option 5) or at UCF@gaboragency.com for more information.

Simplified Issue Program:

• Must be full time university employee
• Required to answer 6 qualifying questions
• Payroll deduction

Discounts are also available to your eligible family members. (Full underwriting required). This includes spouses or partners, children, parents, grandparents, siblings, and all in-law and step equivalents between the ages of 18-79.

Available Discounts include:

• Preferred Health Discount (Automatic with Simplified Issue)
• 15% Premium Discount
• Couples Discount
• 15% Premium Discount if you have a partner
• 30% Premium Discount if both you and your partner have applied and are approved for long term care coverage.

*A combination of discounts is limited to 40% per individual.

Available Benefit Periods

• 3 Years – Research has shown the average length of stay in a nursing facility is 2.4 years.
• 5 Years – Often, nursing home or assisted living facility stays follow care received at home. Therefore, you may want to consider this longer benefit period.
• $1 Million – this option is for people who want maximum protection. (Full Underwriting Required)

Total Benefit – Your Total Pool of Money Available

• Your policy provides a single pool of money to cover long term care expenses. To determine your Total Benefit, multiply your Daily or Monthly Benefit by your selected Benefit Period. (Plus adjustment for inflation)

Monthly Benefit Example

• $4,500/Month X 5 years (60 months) = $270,000

Daily Benefit Example

• $150/Day X 5 years (1,825 days) = $273,750

Elimination Period (Your Deductible)

• This policy comes with a 100 day Elimination Period which is similar to a “deductible.” You pay the cost of your care for 100 days before the policy coverage begins, which helps significantly reduce the annual cost of your policy.
• The elimination period need only be satisfied once during the life of your policy.

Inflation Protection

• Automatic Inflation Coverage –Every year, on your policy anniversary, your benefit and “pool of money” will be automatically adjusted according to the Consumer Price Index (CPI). This index, which has been on the rise for over 50 years, tracks the price of a basket of goods and services and includes such items as medical care and housing.

Built-in-Benefits

• Inflation protection that keeps pace with the increasing costs of long term care
• Services to help you stay at home for as long as possible
• Caregiver Support Services for when you provide care for loved ones, before you need care yourself

Caregiver Support Services Include:

• Personalized telephone and website assistance.
• Access to quality reports and ratings.
• Exclusive provider discounts from 7-35% on the cost of care provider services.
• Care advisory services for your family members.

Total Homemaker Services

• Homemaker services include:
• Household duties, such as laundry, meal preparation, and paying bills.
• Someone to watch over you as your take your medications.
• Home modifications
• Durable medical equipment
• Caregiver training
• Home safety checks medical alert systems

International Coverage

• Provides coverage anywhere in the world, for up to one year. Benefits will be based on 100% of your Daily or Monthly Benefit.

Waiver of Premium

• Once you have satisfied the elimination period, your long term care insurance premiums will be waived. This will continue until benefits are no longer payable or your policy ends.

Hospice Care

• If you are receiving end-of-life care either in a hospice facility or at home, John Hancock will waive the Elimination Period.

Optional Features

• Zero-Day Elimination Period for Home Health Care-Allows Elimination Period to be waived if you are receiving home health care, adult day care, or hospice care in your home.
• Nonforfeiture- Allows for some coverage, even if you stop paying premiums. Specifically if you stop paying your premium after the third year, your past premiums will still be available to pay for services.
• SharedCare- Designed to meet the needs of partners and couples. Upon depletion of your policy benefits, your spouse/partner has the option to purchase a policy with a three-year benefit.

For additional information or to enroll, please contact Gabor directly to speak with a representative at 1-800-330-6115 (option 5) or email them at UCF@gaboragency.com.