Long term care insurance is voluntary and may be purchased by the employee at the University's negotiated group discount. Long term care insurance is used to pay for custodial care.
LTC differs from health insurance which pays for some short-term skilled care, but doesn't pay for custodial care. LTC provides a longer period of coverage and includes not only facility (skilled) care, but may also be used for assisted living and home care.
LTC differs from disability insurance which replaces a portion of the disabled person's income which is needed to pay expenses (mortgage, utilities, food). LTC provides instead the monthly amount purchased by the employee for the custodial care. Reimbursement of actual expenses does not have to be proven to use LTC insurance.
LTC may be purchased in increments of $1,000 to $8,000 per month. The liftetime maximum is 3 years, 6 years or Unlimited years. The insurance may be purchased with inflation protection (compound interest) or without.
The rate is based on age at puchase. Thus, the younger the age when purchased, the lower the monthly premium. If you change employers or retire, coverage is maintained at affordable group rates.
Please be aware: rates can change if an insurance company requests and the State Insurance Commissioner agrees.
For New Employees (hired between the previous November 1 and a year later Oct 31) a guaranteed issue occurs their first November. The guaranteed issue guarantees a certain amount of insurance without completion of a medical questionnaire.
Continuing employees, and eligible family members of all employees: parents, grandparents and in-laws, are also eligible for long term care insurance at the reduced group rate by completing medical questionnaires.
To determine rates visit: http://w3.unum.com/enroll/spu.
REMINDER: Significant premium rate increases expected to impact all
coverages sometime after 6/2014