We put together a survey as a part of our monthly newsletter and asked our members what they wanted to know about Long-Term Care and we got a lot of responses! We answer their questions below!
If you want to have your benefit questions answered, be sure to check out our monthly newsletter! In it we post monthly surveys, and just by taking the survey you’re entered for a chance to win $50!
When can I enroll?
Enrollment is available year-round! You can enroll today.
How do I enroll?
Call 888-315-8027, book a meeting with our LTC specialist, Will Stover, by clicking here, or email [email protected].
How much does it cost?
The answer varies depending on how old you are, how long you want the insurance to last, and how much you want your monthly payout to be. Unum, the provider, has a calculator on their website that is pretty handy: https://unuminfo.com/SDPEBA-NLP/calculator.aspx
If you have any questions about the options, you can always book a meeting with us by clicking the link below and we can walk you through the calculator and talk about your needs.
Am I too young to get it?
In our opinion, no! Our plan’s price does not change, so the earlier you sign up, the more affordable it will be. Take this example: a 30 year old might pay $8 a pay period for our base plan, where a 40 year old will pay $11 a pay period, a 50 year old will pay $17 per period, and a 60 year old will pay $32 per pay period.
There is also a big eligibility risk as LTC Insurance is a pass or fail application process. The longer you wait, the more chance you have to be denied due to health as you age.
Can my parents or family get it?
Yes, as long as they are healthy and under the age of 80 they can apply.
Are there other LTC insurance options?
LTC Insurance is one of the rarest forms of insurance, but there are some options on the open market. There also are versions of Whole Life insurance that will let you access your benefit early to pay for LTC, but they tend to cost more than a standard LTC plan.
Does Medicare cover it?
Medicare does not cover your LTC insurance premiums, but, you can use Medicare for short-term medical care. Medicare will cover your first 100 days in a nursing home or something similar.
How much do I need?
It depends on what you want. Currently, a semi-private room in Southern California costs $7,000 a month. On average, people who need LTC tend to need it for about three years, bringing the cost to $252,000.
Now, that doesn’t mean you need enough LTC insurance to cover that amount, but instead whatever amount that will make that number more affordable. Basically, you’ll want savings and coverage that adds up to that amount so you’re safe!
Will Unum LTC work outside of California?
Unum will cover you anywhere in the United States! Other plans might have limitations (but these are pretty rare), so be sure to check before signing up.
How do I get more Information?
You can check out this article we wrote: https://www.sdpeba.org/news/city/everything-you-need-to-know-about-unum-long-term-care1
You can contact us by emailing [email protected] or calling 888-315-8027
You can book a meeting with our LTC Specialist, Will Stover: https://calendly.com/will-peba/15-minute-sdpeba-ltc-call
Or, you can watch the video below