Long Term Care Insurance
 A plan to help you stay where you're most comfortable.
Take the first step We have a new online resources where you can...
- Perform a personal and financial needs assessment.
- Determine specific state costs for home care, assisted living and skilled nursing home costs.
- Obtain a quick pricing quote from multiple carriers for similar benefits.
- Custom design coverage for each carrier, allowing for personalization of benefits to meet specific needs.
- Contact Long Term Care Specialists for assistance and apply for coverage.
Learn more...
Learn more about long-term care and how the right coverage can give you
a choice -- and make living at home a priority. Simply call for your
free Long-Term Care Risk Assessment & Planning Guide There is no
cost or obligation (see number & e-mail address below), or click here to visit the planning website.
Help protect your assets -and your freedom of choice-with long-term care insurance.
A true story.*
Margaret lives alone and is retired. Two years ago, she broke her hip and never fully recovered. She needs help, but is very independent and refuses to live in a nursing home. A nurse's aide from a home health care agency comes in four times a week to provide assistance. As Margaret's health care needs change, she will be able to get additional care from her provider, so she can continue living in her own home. Long-term care insurance makes it possible.
This is not an isolated example.
More and more people are deciding that if they need long-term care, they want to be able to stay in the comfort and familiarity of their own home instead of a nursing home.
A number of long-term care policies provide primary coverage for nursing home care, with options for home care. We've done just the opposite. We've designed coverage or long-term care in your own home, as well as nursing home care.
"Study after study clearly reveals that what interests many people is the ability to receive care in their own home. For every person in a nursing home, there are about six being cared for at home or in a community setting, such as an adult care facility."1
*The name has been changed for the purpose of individual privacy.
The Financial Risk.
"According to the U.S. House of Representatives Select Committee on aging, January 1997, about 48% of single elderly people who live alone become impoverished when home care is provided five days a week for 26 weeks. Almost 60% are poor by the end of the year. For couples, the figures are 22% and 33% respectively." 2
Similar studies reveal that 70% of single people and 50% of couples with a partner who enter a nursing home are impoverished within one year.3
Who benefits from the coverage?
You might be surprised to know that only 57% of people needing long-term care are 65 or older, while 40% are 18 to 64 years old, and 3% are under 18.4 So it's not just the elderly who are at risk.
What are the costs?
Care in a nursing home averages $45,000 per year.5 And while paid in-home care may be the preferred choice, it can become a financial burden itself. Over the past decade, costs of home care have risen greatly. They now can range from $40 to $135 per day.5 So with services scheduled at three to seven days per week, the cost could be from $6,000 to $49,000 per year.5
Who pays the bills?
Medicare
- Pays for less than 3% of all home health and nursing home services.6
- Is designed for short-term recovery care.
- Becomes payable after minimum of four days and three nights in a hospital.
Medicaid - A welfare program based on poverty-level requirements
- Majority of assets must be depleted before Medicaid takes over.
Families
A large share of the expenses for long-term care is being paid directly by those who need the care or by their families
The Solution
Since people of any age could potentially require long-term care services, your assets can be at risk at any time. The cost of long-term care can best be funded by insurance, not savings, because the sudden need for care can be a financial hardship.
1Life Insurance Selling, December 1997
2Ibid
3Business & Health Magazine, January 1997
4General Accounting Office, November 1994
5United Seniors Health Cooperative, LTC Guide 1995
6Health Care Financing Administration, 1996
To learn more about plan provisions and benefits, at no cost or obligation,
call Credit Union Member Services toll-free at 1-800-443-6003.
Monday-Thursday 7a.m. - 8p.m.
Friday 7a.m. - 5pm CT
CUNA Mutual Insurance Society
P.O. Box 391
5910 Mineral Point Road
Madison, WI 53701-0391
World Wide Web: http://www.cunamutual.com
E-mail: members@cunamutual.com
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