Long-Term Care
what you need to know
Long-Term Care is optional coverage that helps pay for care services if you become chronically ill or injured and can’t care for yourself.
How It Works
- Long-Term Care coverage pays you 4% of your benefit amount for each month you receive long-term care services. The maximum benefit amount is $100,000.
- Services can be received at home or in adult day care, nursing homes, assisted living, memory care, and respite care facilities.
- You can use this money to cover services such as meal preparation, housekeeping, help with bathing and dressing, transportation, and skilled nursing care.
- If you continue to need long-term care beyond the maximum of $100,000, you may be eligible for an extension of benefits for 50 months in the amount of $200,000.
- Total amount of Long-Term Care coverage cannot exceed $300,000.
Should You Consider Long-Term Care Coverage?
During your lifetime, your need for extended care increases, and these services can be expensive. Long-Term Care coverage will help protect your retirement savings, will allow you the option to choose the setting in which you receive care, and may ease the burden of caregiving typically taken on by your loved ones.
Your Medical Plan and Long-Term Care
Long-Term Care is typically not covered by medical health insurance or disability plans, and Medicare provides minimal coverage.