What is Long-Term Care?
Long-term care consists of assistance for everyday tasks that you may no longer be able to perform by yourself. For example, there may come a time when you need help getting dressed, moving or bathing. long-term care also includes help in case you have a severe cognitive impairment, such as Alzheimer's disease.
You can receive long-term care in a variety of settings, including your own home, a nursing home or an assisted living facility. The odds are that you may need long-term care at some point in your life and you may need it sooner than you think.
70% of people over the age 65 will need long-term care, and nearly 40% of people currently needing long-term care services are working adults ages 18-64. 1
What services are covered?
A long-term care insurance policy will pay benefits for services you receive at home (such as cooking, cleaning, laundry, grooming, and assistance with other activities of daily living), or in an assisted living facility and in a nursing home if a situation requires more intensive attention on a daily basis.
When am I eligible to receive benefits?
Should you need your benefits under your policy, your eligibility begins when a licensed health-care practitioner submits a plan of care that certifies:
You are chronically ill—meaning you require assistance performing at least two of the six activities of daily living (ADLs include bathing, dressing, toileting, transferring, incontinence and eating) for a period expected to last at least 90 consecutive days, or you need continual supervision due to a severe cognitive impairment.
What is the "right" age to buy Long-Term Care Insurance (LTCI)?
Because your premiums are based on your age and health, the younger you are the lower your premiums. Premiums typically increase 8-10% each year a person waits to buy coverage.
What benefits do I receive? What does the policy cover?
When you purchase long-term care insurance, you are buying a pool of dollars from which you can pay your long-term care expenses. The pool of dollars for your care is based on your benefit period multiplied by your daily or monthly benefit amount. For example, a two year policy with a $100 dollar a day benefit equates to a $73,000 pool of money. In this case you will have $73,000 available for reimbursement of your long-term care expenses.
Your pool of money can be used to pay for things like: in-home healthcare, adult day care, assisted living, and a nursing home facility.
Your long-term care specialist will help you determine the benefit that is right for you.
Don't we already have a long-term disability plan?
Yes, however, disability coverage replaces lost income to maintain one's lifestyle and was not designed to pay for care. Long-term care insurance provides the funds to pay for your actual cost of care. long-term disability terminates at age 65, long-term care insurance does not.
When do new hires enroll?
All employees may apply at any time; however full underwriting will be required. For the simplified underwriting, there will be an annual 30-day long-term care enrollment period for new hires and employees who had not yet reached 6 months of employment during the October 1, 2015 - Jan 2, 2016 enrollment period. Information about the 30-day LTC enrollment period will generally be provided in alignment with Adobe’s annual Open Enrollment each year.
Adobe benefit-eligible employees, hired between August 1, 2015 and May 31, 2016, ages 18-65, with at least six months of service are receiving this unique one-time opportunity to apply for a long-term care plan at a 5% discount with simplified underwriting.2
How do I enroll?
To take advantage of this opportunity, join one of the informational Connect sessions to get a complete overview of how the benefit works and what LTC planning can do for you and your family. Click on the Connect Sessions tab above for schedule and Connect Session information. To contact an ACSIA Partners specialist, please call 855-284-8501 Monday through Friday from 8 a.m. to 4 p.m. PT
By working with ACSIA Partners, you can request information, access quotes, or set up an individual or family consultation with an ACSIA Partners specialist.
(1) Federal Government Statistic at www.longtermcare.gov
(2) Simplified underwriting doesn’t apply for employees ages 66-79, spouse/domestic partners and extended family members. Also, this is a one-time opportunity for employees, hired between August 1, 2015 and May 31, 3016, under the age of 65 to receive simplified underwriting; enrollment after Nov. 30, 2016 will not include simplified underwriting. In addition, simplified underwriting is subject to minimum participation during the enrollment period. If the minimum participation is not met, interested employees will be contacted by ACSIA to complete the full medical underwriting process.