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AdventHealth – Executive Flex Benefit Program
Long-Term Care Benefit Program
The following options exist for electing coverage under the Long-Term Care Benefit Program:
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- Elect Long-Term Care coverage AND no Supplemental Life Insurance Coverage (“Split Dollar” Life Insurance.)
- Elect Long-Term Care coverage AND continue Supplemental Life Insurance Coverage with a face value below four times the participant’s base salary.
- Continue the Supplemental Life Insurance Coverage as it is and do NOT elect any Long Term Care coverage through this plan. AH contributions towards the Split Dollar Life Insurance will continue unchanged.
- Elect Long-Term Care coverage AND continue Supplemental Life Insurance Coverage with the current face value at four times the participant’s base salary. In this option, the participant would be responsible to pay all long-term care premiums through either payroll deduction or direct pay to the carrier.
AdventHealth will share the cost of the LTC coverage with the participant by contributing towards the cost of coverage generally an amount equal to the difference between the amounts it contributes towards the cost of the participant’s Split Dollar Life Insurance and the amounts it would have contributed if the individual had elected Split Dollar Life Insurance with a face value equal to a full four times the participant’s base salary.
While many plans can be structured to use the cash value and / or AH contributions, any premium that exceeds the AH contributions will be the participant’s responsibility.
To learn more about the Long Term Care planning solutions offered through this program, please either call (844) 382-4582 or complete the form at the bottom of this page. An advanced LTC planning representative from LTCR will call you to discuss.
For more information about AH’s Long-Term Care Benefit Program, the Split Dollar Life Insurance Program, the interplay between the two or the subsidy available to you for the Long-Term Care Benefit, please contact Heather Snell or Lourdes Salazar by email or phone at (407) 357-2043.
Asset Based Solutions Overview
All Americans planning for retirement must plan today for the possibility of requiring some form of long-term care supports and services in the future. 70% of American who reach the age of 65 will need some form of long-term care during the remainder of their lives. The majority of us face the possibility of requiring costly care in the future due to prolonged illness, disability or cognitive deficits. Options to plan for these costs include “self-insuring” the risk and therefore depleting assets, savings and retirement income; relying on government programs which generally require you to deplete your assets and savings and limit choices of care; or insuring the future risk by purchasing an insurance policy today.
New and modern options for insuring this risk exist today. These Asset-Based solutions combine life insurance or an annuity with long-term care insurance and have several significant advantages:
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- A pool of money for long-term care needs.
- A guaranteed death benefit (should you not require long-term care services, you avoid “losing” your LTC premiums by guaranteeing a death benefit to your estate).
- Premiums that are not subject to future rate increases.
- Inflation protection options.
- The ability to include spouses/couples on the same policy.
- Single payment (lump sum) or lifetime premium payment options.
Asset-Based or “Hybrid” LTC policies are custom built to suit each individual or couple. Call today to speak to an advanced enrollment specialist to learn more.
LTC Hybrid Plan Highlights
OneAmerica – AssetCare Products
- Whole Life policy combined with LTC benefits.
- Coverage for Couples on one policy
- Couples and health discounts.
- Provides death benefit and/or tax-free pool of money for LTC claims.
- Premiums are guaranteed not to increase.
- Single, continuous 10-Pay, and 20-Pay premium funding options available.
- Continuation of Benefits rider if elected, can extend LTC benefits to lifetime coverage.
OneAmerica – AnnuityCare Products
- Single-premium deferred annuity.
- Provides pool of money for LTC expenses and partial surrender options.
- Lower health/underwriting threshold
- Continuation of Benefits rider if elected, can extend LTC benefits to lifetime coverage.
OneAmerica – Indexed Annuity Care
- Single-premium fixed annuity with LTC benefits.
- Continuation of Benefits rider if elected, can extend LTC benefits to lifetime coverage.
Lincoln National Life – Money Guard
- Universal life policy with LTC benefits
- Couples and health discounts.
- Single premium or options to pay up to age 65.
Lincoln National Life – OptiChoice 5
- Fixed Indexed Annuity
- Minimal health underwriting
- Nursing Home & Terminal Illness Waiver
- Four Crediting Options for Growth
- Choice of Income Options
Long-Term Care Education
Top 4 Myths of Long-Term Care
It Won’t Happen
To Me
In fact, Americans over the age of 65 years have a 70% chance of needing some form of long term care in their lifetime.
I’m Covered by
Medicare / Medicaid
Medicare & Medicaid aren’t the whole story. Medicare only covers a portion of skilled nursing costs up to 100 days.
Medicaid only applies to individuals who qualify based on their income / asset levels.
That’s What My
Savings Is For
Long-term care costs add up fast. It’s estimated that an unexpected long-term care event may cause clients to burn through their retirement assets 2 to 3 times faster than expected.
My Family Will Take
Care Of Me
Caregiving involves lifting, bathing and toileting which can take an emotional and physical toll. It’s no wonder a spouse caring for their disabled spouse is 6 times more likely to suffer from anxiety or depression.
Did you know?
The average annual cost of a private room in a nursing home in 2016 was $92,378. Without Long-Term Care insurance you have decided to pay for your own long term care expenses.
– 2015 Genworth Cost of Care Study
Will you need LTC?
Approximately 70% of people over the age 65 will require some form of long-term care services during their lifetime, and more than 40% will require this care in a nursing home.
– Department of Health and Human Services
Review the Cost of Care in Your State
Are you Self Insuring or Self Funding?
You can’t out invest insurance!
How can we help?
Looking for additional plan information or detailed quotes? Contact a licensed Long-Term Care Insurance Specialist today to learn more about Long-Term Care insurance and the Special Discounts that are available to members, spouses and immediate family.
Contact us today at (844) 382-4582 or submit your inquiry using the form below.