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To: Implementation Coordinators/Agency
Benefits Officers
From: Account Management Staff at Long Term
Care Partners
Subject: Pre-Retirement
Brochure Quantities
REPLY
TO: Account.Management@ltcpartners.com
Date:
Good
afternoon-
Attached,
please see our newest Federal Long Term Care
Insurance Program brochure designed for employees who are planning to
retire in the near future.
Currently,
we are in the process of determining shipping quantities. If you have not already confirmed
this quantity, please respond directly to this email and let me know how many
"hard copies" of the brochure you'd like to receive.
Please forward this email to any field offices who may also want to request a
supply. I've also attached PDF and Word versions of the brochure which may be
more convenient for you to use.
If you
would like to send out an employee message on the importance of considering long
term care insurance in retirement planning, just delete this introductory
message and forward the text following the line below. As always, you're welcome
to use this material as a newsletter article or other form of
communication.
Thank you
for your continued support! Please call me or email
me if you have any questions.
Signed:
Your
agency’s Account Manager at Long Term Care Partners
Program
Enrollment and Promotion
Long
Term Care Partners, LLC
___________________________________________________________________________
Planning
for Your Retirement?
Remember to
Consider Long Term Care Insurance!
“Help protect your assets from the
potentially
high costs of
long term care. Find
out more
about the Federal
Long Term Care
Insurance
Program
today!”
Kay Coles James
Director
Understanding
the Impact of Long Term Care Expenses on Your Retirement
Assets…
As you think about your approaching
retirement, it’s possible you may have overlooked one very important
detail. Some people concentrate
only on increasing their savings — through an annuity, Thrift Savings Plan
(TSP), IRA, pension, or some other type of investment. But what about protecting
the money you’ve saved and preserving the lifestyle you enjoy? Without long term care
insurance, you and your family could seriously jeopardize the savings
you’ve worked so hard to build for your retirement, and the lifestyle to which
you’ve become accustomed.
Also, obtaining long term care insurance
today can help ensure you won’t need to rely on your family should you need long
term care services during your retirement.
What
Is Long Term Care?
Long term care is ongoing care
for people who need lengthy or even lifelong help with activities they perform
every day —such as bathing and dressing — due to an illness, injury, or severe
cognitive impairment (such as Alzheimer’s disease).
Here’s
Why Long Term Care Insurance Can Be So Important During Your
Retirement:
·
Over half (60%) of people who reach age 65 will need long term
care at some point in their lives.1
·
Long term care could be the most expensive type of care you ever
face — and costs are only going to get higher. As you can see, these costs can
significantly jeopardize the savings you’ve set aside for your
retirement:
The average annual
cost for home care is well over $20,000.
That’s $18/hour,2 five hours per day, five days a week for a
home health aide. That cost is
expected to climb to $68,000 by 2030.3
The national average
annual cost for care in a nursing home is $52,000 for a semi-private
room.2 That cost is
expected to climb to $190,600 by
2030.3
·
Long term care expenses are not covered by traditional medical
insurance plans. Most health care
programs, including the FEHB Program, TRICARE, and TRICARE for Life, cover very
few long term care expenses, if any!
·
While Medicare covers some care in nursing homes and at home, it
does so only for a limited time, subject to restrictions.
·
Medicaid (Medi-Cal in
·
Some people wonder if it would be smarter to invest their money
rather than purchase long term care insurance. The numbers show the impact of such a
decision. At age 40, if you
invested $79.20 each month at 8% interest, compounded annually, you would have
saved $118,824 by age 70. BUT, if
you used that same $79.20 each month to pay for long term care insurance under
the Federal Program, you would have a whopping $1,191,725 available to cover the
cost of care at age 70!*
*Based on a
Comprehensive Plan with a $150 Daily Benefit Amount, 90-day Waiting Period,
5-year (1,825 day) Benefit Period and Automatic Compound Inflation. This example assumes you have not used
any of your benefits up to age 70.
1 Long-Term Care
Insurance, Baby Boom or Bust?, Conning & Company, 1999, page
13.
2 MetLife Market Survey of Nursing Home and Home Care
Costs, April 2002.
3 Can Aging Baby Boomers
Avoid the Nursing Home?, Stucki, B., and Mulvey, J., American
Council
of Life Insurers, March 2002, page
15.
Created
exclusively for members of the Federal family…
The
Federal Long Term Care Insurance Program
The Federal Long Term Care Insurance
Program is the only long term care
insurance program sponsored by the Federal Government for the Federal
Family! It reflects the
careful efforts of the U.S. Office of Personnel Management (OPM) and two
insurance leaders — John Hancock and MetLife — to provide comprehensive benefits
and group premiums. Long term care
insurance helps preserve your retirement savings should a long term care need
arise. The result? Peace of mind and financial independence
in your retirement.
Here
are some of the great advantages offered by the Federal Long Term Care
Insurance
Program:
• Competitive group
rates
• An expansive home care benefit that
includes informal care
• Innovative inflation
options
• Premiums that can be deducted from your
retirement annuity
And
remember:
No
other plan has OPM oversight and
sponsorship.
Don’t
Wait!
It’s
to Your Advantage to Apply Sooner — Not Later!
Unlike some other insurance products, long
term care insurance is something you must apply for, and pass a medical
screening (called underwriting), in order to be enrolled. Certain medical conditions will prevent
some people from being approved for coverage. By applying now, before you
retire, you could avoid the risk of having a change in health
disqualify you from obtaining coverage.
Spouses of retirees can also apply.* But that’s not all — the younger you are
when you apply, the lower your premiums!
* Spouses of living
retirees can apply at any time; surviving spouses can only apply if they were
elected
a survivor benefit at
retirement.
Get smart! Request a FREE Information Kit and
application today.
Visit our web site: www.LTCFEDS.com or call
1-800-LTC-FEDS
(1-800-582-3337) (TTY:
1-800-843-3557)
Sponsored by the
Personnel Management and Offered
by John Hancock and
MetLife
The Federal Long Term Care Insurance
Program is administered
by Long Term Care Partners, LLC, and
offered by:
John Hancock Life Insurance Company,
Metropolitan Life Insurance Company,
Attachment [PDF File] [Word Document]