LONG TERM CARE PROGRAM
THE WORLDS LARGEST SQUARE DANCE ORGANIZATION
FOR MORE INFORMATION ABOUT USDA, e-mail at: 
usda@usda.org
USDA
LONG TERM CARE PROGRAM
At our annual meeting, the Board of Directors of USDA approved
participation in a long term care insurance program. USDA members will receive
a discount if they choose to take the insurance. In addition, USDA will receive
a finder's fee for each submitted application. This will be used to Supplement
USDA's budget to promote square dancing.
USDA LONG TERM CARE INSURANCE PROTECTION AFFILIATE BENEFIT
This program has been developed by the
United Square Dancers of America, Inc. in association with Long Term Care
Quote. The underwriting companies recognize the activities of the affiliates
and their members with a custom program designed for those who participate in
physical activities as usually being preferred risks. USDA has arranged for
confidential quotations based upon the particular needs of the individual and
their families. Long Term Care Quote will provide the detailed information you
need to determine if owning long term care protection is in the best interest
of you and your family. All information is retained exclusively by Long Term
Care Quote, no personal information is shared with USDA. Should you wish,
arrangements can be made to have an agent provide in-person information and
services, AT YOUR REQUEST ONLY! If you are considering long term care
protection we urge you to call or mail the attached information request card.
We are confident you will be pleasantly surprised by the prompt, courteous
treatment and the information you need to acquire this important insurance
protection.
Making
Long-term Care Insurance Affordable
New plans; new choices
By Laura W. Rossman
If you’ve looked at long-term care insurance in
the past but didn’t buy, it is time to take another look. There are new plans, benefits and ways
to structure coverage that might be just right for your budget.
People are now buying it at a younger age – the
average age of a buyer is now 58 compared to 70 years old just ten years
ago. At a younger age the premiums
are lower and there is a greater chance that you will be healthier and eligible
for the insurance coverage.
Long-term care insurance covers the cost of your care
when you can’t care for yourself. While we tend to think of that
happening in our later years, it can happen at any time as a result of an
accident or medical condition. The
costs of long-term care—which is custodial care – is not generally
covered by health insurance. So
unless you have long-term care insurance or are impoverished and eligible for
Medicaid, you will be paying for long-term care costs out of your own savings. To put those costs in perspective, the
average cost of a year in a nursing home is $75,190, according to the MetLife
Market Survey of Nursing Home and Home Care Costs.
More Ways to Buy. Here are some things you should know about today’s long-term care
insurance plans and some tips for finding ways to fit this cost into your
budget if you think it’s right for you.
It is not just for nursing home care.
Mistakenly, people often think that long-term care insurance is just for
nursing home care. Not today.
Almost all policies cover care provided in assisted living facilities, nursing
home and at home. And home is where
people say they would most like to receive care. And if you need round the clock care at
home, you will find it more costly than a stay in a nursing home.
Sharing a
policy. Couples can now take advantage of
“share care” plans. How does this plan work? Rather than buying two separate
policies, the couple purchases a single plan with a pool of benefits that they
share. For example, rather than
purchase two separate policies with a three year benefit period for each plan,
a couple can purchase a single plan with six years of benefits that they
share. So, for example, one
may use just two years of benefits, leaving four years of benefit for the
other. While these plans are
slightly more expensive (usually about 10%), they provide greater flexibility
by letting the couple share the pool of benefits.
Insuring
part of the risk. You don’t have to cover the full
cost of care. Instead, you might
decide that you will let insurance pick up part of the cost of care and you
will use your own financial resources to pay for the remaining cost of care.
For example, you could purchase coverage that would pay $100 per day. If your
care cost $150 per day, you would pay the remaining $50. Some people find this an affordable way
to mitigate the risk of long-term care costs eroding their total life savings.
Tax benefits.
Some states provide tax incentives to encourage individuals to purchase
long-term care insurance. Why? Without long-term care insurance
coverage or personal financial resources, you will enter the Medicaid program,
a program to provide health care for the poor funded jointly by the state and
federal government. So, many states
have tax credits or deductions available to encourage the purchase long-term
care insurance. For example, in
2006 almost half of the states offered some level of deduction or credit for
those purchasing long-term care insurance.
Business
owner benefits. If you are self-employed or own your own
business, long-term care insurance premiums may be able to be paid for by the
business. Some small business
owners find a ten-pay policy preferable, where the policy is paid in full over
ten years.
Partnership
policies. One of the newest benefits in the
long-term care industry comes from the government. So called “partnership
policies” encourage consumers to purchase long-term care insurance in
exchange for partial protection of their assets if they use up all of their
long-term care insurance benefits.
Here is generally how they work.
If you purchase a plan approved by the state (it usually requires
certain benefits, like a minimum daily benefit or a certain number of years of
coverage) the state will provide dollar for dollar protection of that amount of
assets and allow you to qualify for Medicaid benefits. For example, if you purchase $200,000
worth of coverage, you would be able to keep $200,000 of your assets and still
enter the Medicaid program to receive additional care. Without the plan, you would be required
to spend down almost all of your assets, usually just allowing you to keep
$2000, before you become eligible for Medicaid. Partnership plans have been available in
Discounts. Always ask about discounts.
Many companies provide significant discounts for a couple applying
together. And some groups and
professional associations have discounted rates available if you are a member.
Your employer may also have a group plan available. But always shop and compare
group plans against individual policies to make sure you are getting the best
plan for the best price. Long-term
care insurance rates are based on age and health, so the younger you are and
the healthier you are, the lower your premiums.
"Consumers
mistakenly believe long-term care insurance protection is costly and nothing is
farther from the truth," explains Jesse Slome, the Executive Director of
the Association for Long-term Care Insurance. "There are discounts
available today to those in good health, for non-smokers, married couples or
even domestic partners," Slome notes. "You can cut costs paying annually
versus monthly, roughly nine percent, and by another eight percent simply by
being accepted for coverage before your next birthday."
USDA
members can get free Long-term care quotes and information. Long-term Care
Quote shops more than 10 highly-rated companies for you to find the best policy
and most affordable rate for you.
It is easy and convenient and a great way to learn more about long-term
care insurance. Call 1-800-587-3279 or online at www.longevityalliance.com . Use
USDA code 518.
Laura
W. Rossman is Chief Marketing officer for Longevity
Long Term Care Insurance Program Information
Sheet With Quote & Info Kit Request Form ADOBE .pdf Format
Long Term Care Insurance Program Information
Sheet With Quote & Info Kit Request Form MS WORD .doc Format
REQUEST A QUOTE ON
LINE 
For additional information on this program contact –
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Bill Flick |
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Long Term Care Program |
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400 Pete's Way |
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(610) 358-2306 |
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E-mail – usda.longtermcare@usda.org |
