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Bar News - September 22, 2006 Affordable Short-Term Care Plan Available By: Suzanne Morand, Sr. Account Executive, NHBA Insurance Agency
How long is “long-term” care? For any one individual it may be from one to several years, or even the balance of a lifetime. Based on recent studies, however, it appears that a majority of claims are for less than three years, and are shorter for men than for women. These studies are not all-inclusive and one unreported issue is the amount of unpaid care provided by family members and others for those who are not insured. These studies provide another vital piece of information: the principle reason individuals decide not to purchase long-term care insurance is that they regard the premium cost as too high, either currently or for the future when they are retired. To help assist in meeting that need, Great American Life Insurance Company has developed the Short-Term Care Plan, a fully tax-qualified LTC policy providing comprehensive coverage, including standard cash alternatives, for benefit periods up to two years. The plan’s aim is affordability and the benefits are in blocks of dollars, providing flexibility. The plan can also be purchased to add coverage to older LTC policies. For example, cost for a couple, age 59, for a $120-per-day benefit (including 5 percent inflation growth), results in a $1,416-per-year premium, covering both. Another example, one spouse, age 55, purchasing the coverage through an employer-sponsored plan, can acquire a $200-per-day $146,000 comprehensive plan for $652 per year. If actual expenses are less than $200 per day, the coverage is correspondingly longer than two years. This policy provides extensive benefits for care in the home and in a variety of other settings, including adult day care centers, assisted living facilities, and nursing homes. In addition, the policy contains a monthly cash benefit alternative provision that permits consideration of other care arrangements that may be appropriate to the situation. This monthly cash benefit may be used for care provided by family members, friends, or other individuals chosen by you. The cash payment may be used anywhere in the world. In addition to the cash payment, this alternative pays for professional home health care services, including therapists and nurses. This combination of benefits enables you to employ a private caregiver of your choice, and still receive professional health care services at home. If you are interested in learning more about this product, or other insurance products available through the NHBA Insurance Agency, Inc., please contact Sue Morand at 866-642-2292 or via e-mail at smorand@nhbar.org.
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