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Long Term Care Insurance (LTC) plans from Aetna Life Insurance Company ("Aetna")
Do You Need Long Term Care Insurance?
Long Term Care Awareness
Impact at work
Why Choose Aetna?
Plan Design Choices
Enrollment, Funding and Insurance Plan Design
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Do
You Need Long Term Care Insurance in Your Benefits Package?
If you are a progressive organization that believes the well-being of your employees has a direct impact on the well-being of
the company, then long term care insurance is a program you should seriously consider.
The need for long term care can strike at any age. It creates a financial gap that can impoverish your employees and
destroy their effectiveness at work. As the population ages, the impact on your workforce could be significant.
Do you know...
While 60% of people who will need long term care are 65 or older, 40% are working age adults between the ages of 18 - 64.
- "Where does the Population Live and Who Care for Them? LTC: Diverse, Growing Population Includes Millions of Americans of All Ages," U.S. General Accounting Office, 1/01
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Here are some facts.
It's not just for your retirees, although they are likely to appreciate a program with your stamp of approval on it.
Younger workers need it, too, since accidents and illness can happen at any age.
Health insurance and Medicare pay for hospitalization and doctors, but generally not for "custodial care" in nursing facilities, adult day care centers or home care with paid aides.
Long term disability insurance replaces lost income, but probably won't pay enough to cover a nursing home or home health care.
Do you know...
In 1996 1,532 employers offered long term care insurance plans to their employees/retirees. Over 500 of these were introduced in 1996.
- "Long Term Care Insurance in 2000-2001," Health Insurance Association of America; January, 2003
Long Term Care insurance plans are underwritten by Aetna Life Insurance Company.
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Long Term Care Awareness
As consumers, your employees are aware of the need
for
long term care.
Do you know...
43% of respondents to a survey report that a family member had required long term care.
31% feel "certain" or "very likely" they/family member would need long term care within 5 years.
55% are "very worried" or "somewhat worried" they/family members would require long term care.
- "Can We Talk? Families Discuss Older Parents' Ability to Live Independently . . . Or Do They?" AARP; April, 2001
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Impact at work
Most of your employees are not prepared to deal with the serious illness or incapacity of themselves or a family member. When disaster strikes - anything from stroke to car accident - they are faced with decisions about medical, social, physical, emotional and financial matters that are confusing, upsetting and expensive. The simplest day-to-day activities become stressful and distracting, hampering their effectiveness at work.
Who will stay home with the person who can't handle stairs, prepare food, or go to the bathroom unaided?
Who will take time off every week to drive to doctors' offices or therapy appointments?
With most information available only during business hours, who will research adult day care, home health aides and other alternative organizations?
The U.S. population is aging, and families live farther apart. Our lives are becoming busier and more complicated. An unanticipated need for care, that stretches on for months, can be overwhelming and will affect your employees' ability to focus.
You need your employees on-the-job and focused; today's employees need you to help them stay there. An effective solution: An employee-paid Long Term Care Insurance Plan from Aetna.
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Why Choose Aetna?
Aetna Life Insurance Company has been providing group insurance plans for over 80 years. We are one of the country's oldest and largest insurance companies, and will be around when your employees need us. Through Aetna Group Insurance, we have also taken a leadership role in advising on national policy on healthcare and long term care. We keep our field staff well informed so they can inform you. Our goal is to help your employees maintain health and independence, not just pay expenses.
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We offer a choice of insurance plan
designs
The disability model offers members cash benefits payments to use as they see fit. They can apply the money to private home health care, nursing homes, or other personal care needs, and they do not need to submit expense receipts to receive payments. Claimants and their families have maximum flexibility to manage their care.
The service reimbursement model offers payments for expenses incurred, based on receipts submitted. It provides a limited cash benefit to help with miscellaneous costs, since many people rely on family and friends versus paid health aides. This insurance plan provides more liberal eligibility criteria and lower premiums.
Regardless of the insurance plan design, we provide support to your employees and their families:
We offer free, optional case management services in our long term care insurance plans, through a national network of more than 6000 community-based care coordinators.
These care coordinators are registered nurses and social workers with expertise in gerontology and long term care.
Early intervention is available to help employees understand options and local resources, and make decisions - even before they are eligible for benefits.
Care coordinators may visit claimants to conduct personal assessments as part of the claim approval process, and, once a claim is approved, are available to work with them to help determine the most effective use of benefit dollars. They provide recommendations that claimants and their families are free to follow, or not.
We stay in contact, because long term care needs tend to change over time.
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What About Enrollment, Funding and Insurance Plan Design?
We can handle all aspects of the insurance plan for you, from setting it up and enrolling your employees to administrative and systems support. We'll provide an experienced implementation team for you, along with a complete communications program to tell your employees about their valuable new benefit and help them enroll.
Long term care is usually an employee-paid, voluntary benefit plan. However, as of January 1, 1997, HIPAA (Health Insurance Portability and Accountability Act) confirms that employers can contribute towards the premiums on the same tax-deductible basis as medical benefits. You can choose any proportion of employer and employee funding, and we will work with you to design an affordable insurance plan that will be an attractive benefit to your employees.
Your Aetna Group Insurance representative can tell you more.
Long Term Care plans are underwritten by Aetna Life Insurance Company.
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