Long Term Care
Employees have option to enroll in Long-Term Care coverage on themselves, their spouse, their parents and their parents-in-law with Unum.
Long-Term Care With Unum
Long-Term Care refers to a wide range of personal care, health and social services for people of all ages who suffer a chronic disease or long-lasting disability. These services can be provided in a nursing facility, an adult day care center or at home, and can involve some nursing care. The cost for this kind of care is very high. Home care can be as much as $25,000 per year, and nursing home care can range in cost from $40,000 to $80,000 annually. Generally, you pay these expenses out of your own pocket, because medical insurance and Medicare do not cover long-term care.
Your Long-Term Care Options
You can choose from one of three daily benefit levels and the corresponding monthly premium that is right for your needs and budget. The amount of the benefit depends on two factors: where the long-term care is provided - either in a nursing facility or home/day/assisted living facility - and the daily dollar level of the coverage you have selected. With any of these daily benefit options, benefits are paid on a monthly basis. The monthly benefit is equal to 100% of your elected daily benefit amount for care provided in a state-licensed nursing home facility, and 60% of your elected daily benefit amount for care provided in an assisted living facility or at home. If you wish, you can add on a reduced paid-up option and/or an inflation protection option.
Who Can Be Covered
This plan is offered to you, your spouse, your parents or your parents-in-law. “Parents” are biological (natural), adoptive, or step-parents of eligible employees or spouses. Your spouse, parents and parents-in-law will have to complete a medical underwriting process and be approved to be accepted for LTC coverage. Your family members’ premiums will be billed directly by the insurance company. Your payroll deduction will be for your individual coverage only.
About Your Premiums and Enrolling
You pay for your LTC coverage through the convenience of payroll deduction with after-tax dollars. Premium costs are based on your age as of the Benefit Calculation Date (October 1). Your family members’ premiums are based on their age as of the date they apply for coverage. Their premiums will be sent directly to Unum, not deducted from payroll. If you are a newly eligible employee or a current employee and are selecting LTC insurance for the first time, you may select LTC with no medical underwriting requirements. If you are currently enrolled and want to increase your benefit level, add options, or are re-enrolling after discontinuing coverage, medical underwriting will be required. For more information about long-term care coverage, call Unum at 1-888- SOG-FLEX (1- 888-764-3539).
Enrollment is made by new hires within 31 days of hire date.
Enrollment/Changes due to qualifying life events during the plan year are made within 31 days of the event.
Current employees not experiencing a qualifying life changing event must enroll during the annual enrollment period for benefits beginning the following plan year.