Long-Term Care Packages
TEIGIT, Morgan Stanley Smith Barney
TEIGIT has partnered with Morgan Stanley Smith Barney to provide John Hancock
Long-Term Care Insurance (LTCI) to our members. Morgan Stanley
is one of the largest life insurance and long-term care insurance company
in North America and has consistently ranked as one of the highest-rated
insurance companies for financial strength and stability. Our Morgan Stanley contact is Eve Ellis, a Certified Financial Planner, who can advise
you on your long-term care needs.
What is Long-Term Care Insurance?
Long-term care insurance is an insurance product that helps provide for
the cost of long-term care (LTC), picking up where health and disability
insurance leaves off. LTC is not one service, but many different
services aimed at providing people with the help they need when a prolonged
illness, disability or cognitive condition (such as Alzheimer’s
disease) keeps them from being able to care for themselves. It
can range from help with day-to-day activities in the home (custodial
care such as dressing, preparing meals, bathing, etc.) to more sophisticated
services such as skilled nursing care in your home or a nursing facility.
Some Facts to Consider
- Illnesses and injuries can happen at ANY age. Many
people do not realize that the need for long-term care can strike at
any time. Statistics show that 40% of people receiving long-term
care services are working adults, between the ages of 18 and 64.
- Seventy Percent of people older than 65 will need long-term
care services. 43% of Individuals age 65 will enter
a nursing home sometime in their lifetime, with 50% staying an average
of 2.5 years.
- LTC is very expensive, 50% of all couples and 70% of single
persons are impoverished within one year of entering a nursing home. The national
average cost of a semi-private room in a nursing home is now $70,000
annually. By the year 2030, the average cost of nursing home
care is expected to exceed $190,000 per year.
- Do not expect much help from Healthcare plans or the government. Healthcare
plans and Medicare combined pay only about 3% of the costs of long-term
care. Medicaid would not kick in until virtually all of your
and your spouse’s assets have been consumed.
Some things to look for in Long-term Care Insurance
- Look for financial strength and reliability in the company behind
- Seek out a policy with flexibility in applying benefits (sometimes
called “alternate plan of care”). For example, you
might want a choice from among a nursing home, assisted living, an
adult care center, or care at home.
- Price of the Insurance. Price of the long-term care insurance
varies by your current age, the amount of coverage you want, and the
- Inflation adjustment options which increase the dollar value of your
benefit by 5% each policy year to keep pace with estimated inflation
in the cost of long-term care.
Please click here to
have Eve Ellis, our Certified Financial Planner, contact