Wednesday, February 20, 2008

John Hancock, ING have presentation on long term care insurance

John Hancock Life Insurance offers some more detailed information on Long Term Care. For example, in Virginia, the cost of long term care in a private room varies from $148 a day in the Richmond area ($4440 a month) to $230 in Alexandria ($7160 a month), reflecting the rapid increase in labor and real estate costs near Washington DC. Assisted living is $2387 a month around Richmond, to $4312 in Alexandria, again representing a steep big city premium. The web link is this.

I know from a specific situation that assisted living in rural Ohio is about $2700 a month and includes some specific personal care services.

ING and John Hancock are sponsoring Webinars for ING employees and retirees. I have signed up for the event on March 4, 2008. However, the site offers ING employees a free (but copyrighted) pdf download that covers the contents of the Webinar.

In a general way, the information is similar to what was presented to me in January by AARP and Greentree. Many large companies may be making similar presentations to associates, with John Hancock or other carriers. Long Term Care insurance is a different product from long term disability insurance, which is applicable while people are still working. Actually, over 40% of people needing long term care services are under 65, contrary to popular belief.

Corporate benefit plans often provide eligibility for long term coverage insurance to eligible parents of eligible employees, answering some filial responsibility concerns. The services covered typically include nursing homes, assisted living, hospice, home health, and homemaking, There are daily maximums and lifetime maximums that can be steep. Sometimes there is a nonforfeiture benefit.

As long term care becomes a more pressing issue, various organizations and insurance companies are starting to present more detailed information on it. I will try to keep the reader tuned.

Update: Feb. 21:

ABC World News Tonight presented the story "Overwhelmed by the Costs of Elder Care
Caring for Her Grandparents, Ray Payton Feels Her Financial Security Slipping Away," link here as part of ABC's "Kitchen Table" series. The young woman is putting off having children because of the responsibilities of eldercare, when (even according to social conservatives) it is children that she needs to "balance the chemistry equation."

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