Saundra Daniels, a plan manager with Duke's Human Resources Benefits office, discusses the importance of long term care and when employees should consider enrolling in the voluntary program.
Long Term Care Insurance for Unexpected Life Events
Tuesday, November 25, 2008
Jean Ross hopes to spend her golden years jet-setting
around the globe.
"I love traveling and when I retire, I have a long list
of places I want to visit," said Ross, 55, a staff specialist
with the Office of the University Registrar.
She realizes, though, that life doesn't always go as
planned. That's why she is enrolled in Duke's group long
term care insurance provided by Prudential. It covers
expenses for nursing homes, assisted-living facilities, home
health care and adult day care.
Benefits-eligible staff and faculty can enroll year-round
to purchase long term care insurance for themselves,
spousal partners, parents, parents-in-law, grandparents,
grandparents-in-law and children age 18 and older,
including those who live outside North Carolina.
Duke Benefits will mail long term care enrollment
packets to employee homes in January for special
enrollment Feb. 2-23. Information sessions are Feb. 3-12.
Jean Ross purchased long term care insurance.
Fast Fact
Employees who enroll later than 60 days from date of hire must complete medical questionnaires for
Prudential's review before coverage is granted. But during special enrollment in February, employees are
not required to complete questionnaires, unless they enroll in the unlimited lifetime maximum benefit.
Dependents are required to complete medical questionnaires.
Long term care generally covers people with prolonged
physical illness, a disability or cognitive impairment such as
Alzheimer's disease.Without insurance, care can be expensive;
the national average cost in 2008 for a private room in a
nursing home is $209 per day, according to the AARP.
"Long term care insurance helps protect your assets
and gives you the flexibility and freedom to choose where
you get care," said Saundra Daniels, Duke Benefits plan
manager.
Health insurance does not typically cover long term
care costs. With Prudential's long term care plan, Duke
policy holders can select from a variety of daily benefit
maximums and coverage limits. Monthly premiums vary
based on the insured person's age and coverage level. For
example, a 40-year-old unmarried employee would pay
$26.99 monthly, without the inflation option, to cover
long term care expenses with a daily benefit maximum of
$200 and a total lifetime benefit maximum of $219,000.
Prudential offers an automatic inflation option to
help protect against rising healthcare costs by locking in
the premium for the life of the policy, an important
consideration.
Ross purchased long term care insurance about 10 years
ago and recently increased her daily benefit maximum from
$100 to $250 for care received in nursing homes and
assisted living facilities.
"I read an article that said the number one cause of
bankruptcy is from medical bills during an illness," Ross
said. "I signed up for long term care insurance because
I don't want that to happen to me."
— By Missy Baxter
Writer, Office of Communication Services
Employees who enroll later than 60 days from date of hire must complete medical questionnaires for
Prudential's review before coverage is granted. But during special enrollment in February, employees are
not required to complete questionnaires, unless they enroll in the unlimited lifetime maximum benefit.
Dependents are required to complete medical questionnaires.
