Long Term Care Insurance
Georgetown University faculty and staff have access to individual Long Term Care Insurance policies with special permanent group discounts through MetLife. This is a voluntary benefit is administered through Todd Benefits Group.
Long Term Care Insurance - Overview
Long-term care insurance covers a range of personal care services you might need if you cannot care for yourself due to a temporary or permanent illness or injury. Long-term care can be very expensive, and the cost is not generally covered by either medical insurance or Medicare. Coverage is completely portable, so benefits can be used in any of the fifty United States. Although this type of benefit is usually associated with advanced age, the need for long-term care assistance can happen to anyone at any time.
Who Is Eligible For Coverage?
You may purchase long term care insurance for yourself, your spouse, and other family members (parents, parents-in-law, etc.). Please note that the ability to purchase this insurance for other family members is a feature which is not commonly available in other employer-sponsored benefit plans.
How Does This Plan Work?
You can purchase individual policies through the Todd Benefits Group ("TBG"). These individual policies have special permanent group discounts when purchased by Georgetown University employees. Starting in the spring of 2009*, policies will be issued by Metropolitan Life Insurance Company. Todd Benefits Group will assist you in purchasing the specific policy that makes the most sense for your particular situation. When you purchase a policy, you pay the premiums directly to MetLife.
*Please note: All UNUM/Provident LTC policy holders will continue to receive their coverage through their current provider.
What Step Should I Take If I Am Interested In Learning More or Purchasing a Policy?
TBG has developed advanced tools to help you make an informed decision about the plan that is right for you:
- Click the link that follows to receive an immediate personalized exhibit of program costs and plan designs. In minutes you will receive your illustration with further instructions on how to proceed. Click here for My Personalized Exhibit.
- Calculate your premium by clicking Premium Calculator. Here, you may find out more about long-term care insurance and producing plan designs with premium rates based on your personal information.
- You may also view TBG’s interactive information meeting site by clicking Virtual Meeting. This site allows you to view a video about long-term care and the importance of financially planning for this potential future liability.
- You may contact TBG directly at 888-310-TODD (8633) and speak to a Personal Benefit Specialist who will assist you with all aspects of the program. All inquiries about the program must be directed to TBG.
Some Important Caveats
While Georgetown University maintains that long-term care insurance is not necessarily appropriate coverage for everyone, we have carefully selected the Todd Benefits Group as a reliable provider for individuals who are interested in purchasing a long-term care insurance policy as part of a comprehensive financial plan.
You may want to ask yourself the following questions when contemplating purchasing long term care insurance:
• Do I need long term care insurance, or do I have other ways of taking care of myself (e.g. personal savings or relying on family members)
• Can I afford the premiums?
• Is it the right time for me to buy this insurance?
Premiums are generally lower at younger ages and future health problems could make it difficult or impossible for you to obtain insurance coverage later. However, you must weigh this against the fact that if you purchase the policy at this time, you will be paying these premiums over a longer period of time.
Implications Of Individual Policies Purchased With Group Discounts
This program takes the form of individual policies, instead of one group policy. This approach enables you to customize coverage based on your specific needs and budget. The policy you design may be very different from the policy your colleague chooses.
However, this also means that enrollment is not guaranteed. The application you complete will be subject to carrier underwriting standards and some employees may not be eligible based on carrier requirements. If you are not approved for coverage, TBG can assist you in choosing another policy, or providing the insurance carrier with additional information concerning your case for their re-review of your application. Georgetown University has very little ability to intervene on your behalf in these instances.
Getting More Information
If you would like more information about the program, or to get a premium exhibit for you or a family member, please call The Todd Benefits Group directly at 1-888-310-8633 or visit the website, http://www.toddltc.com/Hoyas.
If you have any questions for us regarding this plan, or any question about your benefits package, please e-mail us at benefitshelp@georgetown.edu.
