Long-Term Care
A long-term care plan is designed to help cover the high and prolonged expenses commonly associated with a severe physical or cognitive incapacity.
No one wants to think about needing long-term care. However, as accidents and illnesses that were once considered fatal become routinely survivable, it is becoming more important to consider. Why? Because people are living longer lives. And in spite of this longevity, many people are unable to take care of themselves and may require direct care and assistance. Since long-term care is not covered by medical plans, disability insurance, Medicare, or Medicaid, these expenses can quickly deplete individual or family resources.
The University has developed a partnership with Aetna Life Insurance Company to offer Long-Term Care (LTC) insurance for faculty, administrators, and staff. With Aetna you can choose where to receive care, the involvement of family members in your care, and the amount of money you want available for your care.
Eligibility
To be eligible for the LTC plan you must be an actively at work employee or retired faculty or staff members; active or retired faculty or staff members who otherwise are considered benefit eligible but is on a non-medical leave; the spouse of an active or retired faculty or staff member (legally married to the spouse); the natural, adoptive or step-parents/grandparents of an active or retired faculty or staff member; or the natural, adoptive or step-parents of a spouse of an active ore retired faculty or staff member as well as adult children, 20 years of age or older of an active employee or spouse.
Plan Options And Costs
Aetna offers you choices that are designed to meet individual needs:
1. You can select a daily benefit amount, which determines the maximum amount of coverage your plan will provide to you each day. The amounts available are $100, $160, or $200 per day.
2. You can choose the duration of your benefit or the maximum length of LTC coverage. The durations available are 3 years, 5 years, or 20 years.
Cost is based upon age and benefit option. There is a 10% discount on premiums if both the retiree and their spouse enroll. Retirees are billed directly by Aetna.
Enrollment Period
New hires may enroll within 30 days of hire/eligibility without proof of good health. A retiree, spouse of retiree, spouse of employee, parents and parents-in-law, grandparents and grandparents-in-law and adult children may enroll anytime and will be required to complete a medical questionnaire and must be approved by Aetna. Faculty, administrators or staff members enrolling after 30 days of hire/eligibility may also enroll anytime and will be required to complete a medical questionnaire an must be approved by Aetna.
Contact Information
To find out more about your choices and/or rates, to request an enrollment packet, or to speak with a long-term care specialist call the Aetna Long-Term Care Insurance hotline at 1-800-537-8521.
