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What is  LONG-TERM CARE INSURANCE?

What is  LONG-TERM CARE INSURANCE?

Long-term care insurance helps pay for your extended medical needs in a nursing home or in the comfort of your own home. 

Who needs it? 

Long-term care insurance should be an important part of every family’s planning. Although we like to think that we will never need long-term care, or that we can easily afford it, the statistics suggest otherwise:

70% of people over the age of 65 will need some form of long-term care during their lifetime.[1]

The median length of long-term care needed for each person is 3 years.[2]

The median annual cost of care in a private nursing home is $91,250.[3]

The median annual cost of home care is $80,300.[4]

Traditional health insurance programs and government health insurance programs often don’t provide enough help. According to the Department of Health and Human Services, Medicare only pays for long-term care services for up to 100 days, with a copay after the 20th day, and only if you meet certain criteria. Medicaid pays for long-term care only if your income is below a certain level and you meet state requirements.[5]

How does it work?

Knights of Columbus long-term care insurance policies establish a pool of money (also known as a lifetime maximum benefit) determined by a number of options you choose (see below). Then you can use that pool of money to cover qualified long-term care expenses. When the pool of money runs out, your long-term care policy ends.

The Knights of Columbus also offers a spouse discount program, whereby spouses who apply for long-term care insurance coverage together are eligible for a discount of up to 30%.

What are my options?

Type of coverage

Comprehensive coverage – Comprehensive long-term care insurance allows you to use the policy to cover expenses at home or in a specialized nursing home. 

Residence-Only Coverage: Residence-Only Long-Term Care insurance helps cover expenses in a skilled nursing home or assisted living facility.

benefit period

3 years – You establish a maximum lifetime benefit designed to cover three years of long-term care expenses.

5 years – You establish a lifetime maximum benefit designed to cover five years of long-term care expenses.

10 years – You establish a maximum lifetime benefit designed to cover 10 years of long-term care expenses.

daily profit 

When you work with your Knights of Columbus insurance agent, you establish the daily benefit amount the policy provides, based on your budget and anticipated need. Your daily benefit amount, combined with your benefit period, will determine your maximum lifetime benefit; All of this will affect your premium.

Elimination Period

Long-term care insurance policies include an elimination period, which is your deductible or out-of-pocket amount. You can select a one-time, lifetime elimination period of 30, 90, or 180 days, after which your benefits will begin to be paid.

Additional features and benefits 

Knights of Columbus long-term care insurance products offer many special features and benefits, often called riders. One example is the compounding inflation rate rider, which will increase your maximum lifetime benefit each year.

Contact your Knights of Columbus insurance agent today to learn more about long-term care insurance products and the safety and protection we can provide.