Long Term Care
Long Tem 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 50 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. Your policy will be issued by either UNUM Provident Insurance Company or John Hancock Insurance Company, depending on your individual circumstances. Todd Benefits Group will assist you in purchasing the policy that makes the most sense for your particular situation.
When you purchase a policy, you can pay the premiums directly to the carrier. When you pay the premium directly, and in advance of the policy year, you receive an additional discount attributable to the insurance company receiving its premium in advance. You can also choose to have your premium paid through payroll deduction, but only for policies issued by UNUM. There is no tax advantage to you for doing so, since the IRS requires these premiums to be paid for with post-tax dollars. Additionally, you will lose the discount associated with paying the premium at the beginning of the policy year if you choose the payroll deduction method. If you pay the premium with payroll deduction, you must contact the carrier when you terminate employment with the University to arrange for continued payment of that policy so that it will not lapse.
What Step Should I Take If I Am Interesting In Learning More, or Purchasing a Policy?
Employees should contact TBG directly to begin the process of learning more about this program. The best way to contact them is through their website at http://www.toddltc.com. This website enables employees to:
• Obtain information about LTC issues;
• Learn about federal and state tax incentives
• Access long-term care cost information in your state;
• Customize/design your benefits;
• Obtain immediate premium quotes; and
• Enroll for the benefit online
When you are ready to develop a plan of coverage or wish to calculate premium rates simply click "Calculate Your Premium", then click the Georgetown University logo. Our password is GTULTC323. If you have any questions about the plan or how to use the website, call TBG directly at 888-310-TODD(8633) to speak to a Todd Benefit Specialist. The Todd Benefits Specialists are there to answer your questions, as well as to help you and your family members design a coverage plan and enroll in the program. TBG will provide you with all the necessary paperwork required to purchase a policy, including the paperwork necessary to authorize Georgetown University to take payroll deductions.
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.
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.
