Long-Term Care Insurance 

 
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Are your most important assets protected?

  • What do you know about long-term care?
  • If you or a loved one should need long-term care, what impact would that have on you or your family?
  • Where would you or your loved ones want to receive care? How would you pay for it?

Long-term care insurance is available from Northwestern Long Term Care Insurance Company.

Overview 

Basics 

Costs 

Your Options 

Choosing a Policy 

Contact Us 

Long-term Care Overview

You spend a lifetime working hard and saving for the future to ensure your family’s financial security. You purchase life insurance or disability income insurance, make investments and contribute to your retirement plan. And, while you can’t predict the future, you can continue to plan for it.

There are several important issues you can consider when planning for the possibility that you may need care in the future.

Living Longer

As a result of people living longer, the chances of needing long-term care increases.

  • Advances in medicine and healthcare
  • Healthier lifestyles

Changing Family Demographics

As family demographics change, you may need to explore other long-term care options.

  • Dual-income families
  • “Sandwich Generation” – people potentially caring for aging parents while rearing their own children
  • Families more commonly spread across the country

Long-term Care Costs

The increasing cost of long-term care now and in the future can be significant.

  • Home health care
  • Assisted living facility
  • Private room in a nursing home

Expecting the Unexpected

Individuals of any age may experience the need for long-term care due to:

  • a chronic illness like Multiple Sclerosis
  • a cognitive impairment including early onset dementia, or
  • the results of an accident like paralysis

By starting to consider our options early in life while in good health, we can help protect against the unexpected need for care now and in the future.

 

Long-Term Care Insurance Policy forms TT.LTC.(1010) and TT.LTC.(0213) or state equivalent.
Long-Term Care Insurance Policy form TT.LTC.ML.(1010) and TT.LTC.ML.(0213) are only available in NJ, NY, OH and PA.
Long-Term Care Insurance Policy form TT.LTC.LP.(0213) is only available in TX.
Long-Term Care Insurance Policy form TT.LTCN.(1010) is only available in MA.

Northwestern Long Term Care Insurance Company’s long-term care insurance contains exclusions and limitations.

The purpose of this material is for the marketing and solicitation of insurance.

The prospective insured may contact the Health Information Counseling and Advocacy Program (HICAP), 701 W. 51st W-352, Austin, Texas, 78751, at 1-800-252-9240 to receive counseling regarding the purchase of long-term care or other health care coverage.  This program is a senior insurance counseling program provided by the Area Agency on Aging under the authority of the Texas Health and Human Services Commission.

NM-LTC-002 (1011)

Long-term Care Basics

Learn about what to factor when considering long-term care or how long-term care insurance can help protect your family’s financial security.

What is long-term care?
Long-term care refers to services that individuals suffering from a chronic illness, disabling condition, or cognitive impairment rely upon. These services are generally needed for an extended period of time and may not “cure” or “heal” the individual receiving them. Long-term care services help with routine activities such as bathing, dressing, and eating.

How is long-term care different from other Medical Care?
Rehabilitative medical care due to acute conditions is different from long-term care. When medical care is the result of an acute, or short term, medical condition (e.g. hip replacements, strokes, or cancer), a hospital stay is often necessary to help stabilize the condition. If patients have not made a full recovery, they are normally discharged to the care of a nursing facility, or to the supervision of professional home care. With these types of conditions, Medicare (for qualifying individuals) or private-pay health insurance will usually pay for rehabilitative care.

Who Provides Care

Receiving care at home
When determining the appropriate plan of care, physicians often look to the client’s home as the preferred location. Not only is it familiar to the patient, but it also promotes emotional well-being for the entire family.

The most common providers of home care are family and friends. Their assistance is not always available on a 24 hours a day basis. When extensive care is required, the family may decide to hire qualified home health care providers* such as registered nurses, physical therapists or licensed social workers.

Community Care
To assist those individuals whose informal caregivers such as family or friends work during the day, and may be unable to provide ongoing care, Adult Day Care Facilities** may be a practical alternative. Designed to promote social interaction while meeting the health care needs of long-term care recipients, adult day care offers caregivers the time necessary to meet their own day-to-day responsibilities at home and at work.

Alternate Living Facility***
Moving a loved one into a facility can be stressful and time consuming.  To make an informed decision, it is important to know the choices of facilities available in your area.

An Alternative Living Facility may be a better option for you if the care you need cannot be provided in your home.

  • Meet a wide range of individual needs within a residential-type setting.
  • Ongoing care on a 24 hour basis.
  • Assistance with everyday activities like dressing, bathing and meal preparation.

Nursing Homes
Sometimes care in nursing homes is needed. A nursing home is a facility that is primarily in the business of providing licensed nursing care on a 24 hour basis. As the cost of hospitalization increases, many people complete their recovery in nursing homes.

  • Offer a less expensive alternative to some types of care and therapies formerly available only in a hospital.
  • Some nursing home residents stay long enough to regain their independence and then return home.
  • Others may find they continue to need assistance throughout the day and remain at the nursing home for extended periods of time.

What is Long-Term Care Insurance?
Long-term care insurance enables you to receive care in your home, the community, an alternate living facility (e.g. Alzheimer's Facility), or in a nursing facility. It also helps protect you from depleting your assets and diverting your retirement income in order to receive the necessary care.

Is Long-Term Care Insurance Right for you?
People consider purchasing long-term care insurance for a variety of reasons. Some buy to help preserve assets they have worked hard to accumulate. For others, long-term care insurance helps offer a sense of independence – freedom from having to rely on children or the government to provide care. Given the option, many would prefer that the family was there for support, not as primary care providers.

Regardless of the reason you’re considering long-term care insurance, it can afford those who purchase it a greater sense of financial security and freedom of choice when it’s needed most.

 

*In states that do not license or certify these providers, other guidelines may apply. Providers may vary by state.

**Also known as Residential Care Facilities (California only) or Assisted Living Facilities

***Note: Certain state insurance departments require variations in terminology to some policy features. The new terms for the features do not change how the features operate. Such changes may be “Adult Day Health Care Centers” or “Adult Day Care Facilities” replacing “Adult Day Care Centers,” “Assisted Living Facilities” replacing “Alternate Living Facilities,” or “Residential Care Facility” and “Lifetime Maximum Dollar Amount” or “Maximum Lifetime Benefit” replacing “Benefit Account Value.”

Long-Term Care Insurance Policy forms TT.LTC.(1010) and TT.LTC.(0213) or state equivalent.
Long-Term Care Insurance Policy form TT.LTC.ML.(1010) and TT.LTC.ML.(0213) are only available in NJ, NY, OH and PA.
Long-Term Care Insurance Policy form TT.LTC.LP.(0213) is only available in TX.
Long-Term Care Insurance Policy form TT.LTCN.(1010) is only available in MA.

Northwestern Long Term Care Insurance Company’s long-term care insurance contains exclusions and limitations.

The purpose of this material is for the marketing and solicitation of insurance.

The prospective insured may contact the Health Information Counseling and Advocacy Program (HICAP), 701 W. 51st W-352, Austin, Texas, 78751, at 1-800-252-9240 to receive counseling regarding the purchase of long-term care or other health care coverage.  This program is a senior insurance counseling program provided by the Area Agency on Aging under the authority of the Texas Health and Human Services Commission.

NM-LTC-003 (1011)

Long-term Care Costs

The cost of long-term care varies widely by region and can often be underestimated and may have a larger impact on your assets than you realize.

Ask yourself the following:

  • Could your present income and assets pay for your long-term care expenses today, in 10 years or in 30 years?
  • How might that potential cost impact your college funding, charitable giving or estate planning goals?
  • If the income generated before and during retirement is unable to keep pace with the increasing cost of care in your area,  where might the additional dollars come from?

 

Long-Term Care Insurance Policy forms TT.LTC.(1010) and TT.LTC.(0213) or state equivalent.
Long-Term Care Insurance Policy form TT.LTC.ML.(1010) and TT.LTC.ML.(0213) are only available in NJ, NY, OH and PA.
Long-Term Care Insurance Policy form TT.LTC.LP.(0213) is only available in TX.
Long-Term Care Insurance Policy form TT.LTCN.(1010) is only available in MA.

Northwestern Long Term Care Insurance Company’s long-term care insurance contains exclusions and limitations.

The purpose of this material is for the marketing and solicitation of insurance.

The prospective insured may contact the Health Information Counseling and Advocacy Program (HICAP), 701 W. 51st W-352, Austin, Texas, 78751, at 1-800-252-9240 to receive counseling regarding the purchase of long-term care or other health care coverage.  This program is a senior insurance counseling program provided by the Area Agency on Aging under the authority of the Texas Health and Human Services Commission.

NM-LTC-004 (1011)

Your Options

How would you pay for care if the need arises? What are your options? It’s important to consider all options and resources available to you for long-term care assistance. Some of these options and resources are listed below.

Family

Family members often take on the responsibility of caring for a loved one. Care from a family member is not usually the planned option, but rather the result of a sudden need. Given the option, many would prefer that the family was there for support, not as primary care providers.

Disability Income Insurance

Disability income insurance is designed to replace lost income and pay for every day expenses, such as your mortgage and bills, but is not specifically designed to provide the funds for the additional cost of long-term care services.

Medicare and Health Insurance

For most Americans, Medicare becomes your health insurance at age 65. It is designed to pay for medically necessary skilled care for acute, short-term conditions such as broken bones, emergency surgery or a heart attack. Chronic medical conditions evolve over longer periods of time and generally require non-skilled and non-medical care. “Medicare and most health insurance plans, including Medigap (Medicare Supplement Insurance) policies may not pay for this type of care, also called ‘custodial care’.”1

However, under Medicare Part A, if you meet certain criteria after being discharged from the hospital, skilled nursing facility services may be covered – up to 100 days, 100% for the first 20 days.  From 21-100 days, Medicare requires a co-payment. Medicare will be paid in each benefit period.

Medicaid

Medicaid2 is a state-administered government-funded program that pays health care expenses for low-income individuals. If eligibility requirements are met, Medicaid can pay for nursing facility and limited home health care services. The recipient must meet the state’s eligibility requirements.

Your Income and Assets

Assuming an estimated annual cost of home health care of $84,680 in 2008 and rising at the rate of 5% per year due to inflation, to pay for an average claim a 55 year-old would need to accumulate $2,000,000 by the time he or she reaches age 85.
Source of cost of care is the Northwestern Long Term Care National Cost of Care Survey. November 2008. Long Term Care Group, Inc.

Long-Term Care Insurance

Only long-term care insurance is designed to reimburse some of the costs of receiving various levels of care for chronic conditions. Owning a long-term care insurance policy provides you options in deciding where or how you receive care and how much and what type of care you can receive in either:

  • Your home
  • The community
  • Adult day care centers*
  • Alternate living facility*
  • Nursing home

Long-term care insurance can help to:

  • provide funding for potential costs and should be considered an integral part of your retirement plan.
  • preserve your income and assets by helping pay for your care through your policy, and not out of your pocket.
  • fit a wide range of your needs and budget. The earlier you include long-term care insurance in your overall plan, the lower your premium and the higher the likelihood you will medically qualify for the coverage.

 

1 “Medicare and You 2010,” Department of Health and Human Services, 2010

2 Also referred to as Medi-Cal in California, MassHealth in Massachusetts, and TennCare Medicaid in Tennessee.

Note: Certain state insurance departments require variations in terminology to some policy features. The new terms for the features do not change how the features operate. Such changes may be “Adult Day Health Care Centers” or “Adult Day Care Facilities” replacing “Adult Day Care Centers,” “Assisted Living Facilities” replacing “Alternate Living Facilities,” or “Residential Care Facility” and “Lifetime Maximum Dollar Amount” or “Maximum Lifetime Benefit” replacing “Benefit Account Value.”

*Also known as Residential Care Facilities (California only) or Assisted Living Facilities.

Long-Term Care Insurance Policy forms TT.LTC.(1010) and TT.LTC.(0213) or state equivalent.
Long-Term Care Insurance Policy form TT.LTC.ML.(1010) and TT.LTC.ML.(0213) are only available in NJ, NY, OH and PA.
Long-Term Care Insurance Policy form TT.LTC.LP.(0213) is only available in TX.
Long-Term Care Insurance Policy form TT.LTCN.(1010) is only available in MA.

Northwestern Long Term Care Insurance Company’s long-term care insurance contains exclusions and limitations.

The purpose of this material is for the marketing and solicitation of insurance.

The prospective insured may contact the Health Information Counseling and Advocacy Program (HICAP), 701 W. 51st W-352, Austin, Texas, 78751, at 1-800-252-9240 to receive counseling regarding the purchase of long-term care or other health care coverage.  This program is a senior insurance counseling program provided by the Area Agency on Aging under the authority of the Texas Health and Human Services Commission.

NM-LTC-005 (1011)

Choosing a Policy

Today’s long-term care insurance policies offer a variety of payment options, discounts, and optional benefits with many features.

When choosing a long-term care insurance policy, you’ll want to determine the following:

  • How much does the policy pay for different levels of care?
  • When does the policy start to pay and for how long?
  • Does the policy cover costs of receiving various level of care for chronic conditions either in your home, in the community, in an alternate living facility* (e.g. Alzheimer facility) or in a nursing home?
  • What protection does the policy offer against the effects of inflation?
  • Is it a participating policy?
  • Does the company have a history of offering upgrades and enhancements to existing policyowners when a new policy is introduced?

Taking this action will enable you to make a good, informed decision in choosing long-term care insurance coverage that best meets your long-term care needs while providing a sense of financial security.

The Northwestern Long Term Care Advantage

Choosing long-term care insurance is a personal and important decision. Evaluating your financial situation, with the assistance of a trusted, knowledgeable representative,*** a solid carrier and your family will enable you to determine which coverage is most appropriate. Consider our:

  • Financial Strength
  • Stability
  • Policyowner Value

Financial Strength

Financial strength is fundamental to Northwestern Long Term Care Insurance Company’s vision for policyowners. Northwestern Long Term Care Insurance Company, a wholly owned subsidiary of The Northwestern Mutual Life Insurance Company, has unsurpassed industry financial strength ratings.

The four agencies listed base ratings on the financial strength of the insurance company. These ratings are not recommendations of specific policy provisions, rates or practices of the insurance company. At the time of this publication, our most current ratings are for the following dates: A.M. Best Company A++ (highest), 4/2014; Fitch Ratings AAA (highest), 1/2014; Moody’s Investors Service Aaa (highest), 1/2014; Standard & Poor’s AA+ (second highest), 6/2013. Ratings are subject to change.

Stability

We take a long-term perspective by placing policyowner interest first. The pricing of our long-term care insurance reflects our:

  • low lapse assumptions, which anticipates that our policyowners will keep and use their policies
  • resulting better cash flow for investments
  • ability to invest in a diversified investment portfolio with a long-term horizon, allowing for better stability when short-term fluctuations exist in the market.

We are committed to providing a steady, stable and lasting value.

Policyowner Value

Long-term care insurance policies issued by Northwestern Long Term Care Insurance Company are “participating” policies, which means that they are eligible for dividends. Our philosophy is to pay the highest level of dividends possible while still maintaining a strong surplus position.**

As new and enhanced benefits to QuietCare® policies become available in the future, it is our ambition to make sure that existing policyowners are given the opportunity to acquire them at an appropriate premium, whenever possible and practical. This is an important consideration when purchasing a product that may not be needed for 20, 30, or 40 years.

Your Strong Partner

Make the right choice for your long term care needs with the expert guidance of a financial representative*** who can help you reach your financial goals by:

  • thorough fact-finding.
  • providing guidance on short – and long-term goals.
  • recommending the right products and services at the right time.
  • revisiting your needs and goals regularly.

We can help protect against the unexpected need for care now and in the future.

 

*Also known as Residential Care Facilities (California only) or Assisted Living Facilities.

**Neither the existence nor the amount of a dividend is guaranteed in any given year. Decisions with respect to the determination and allocation of divisible surplus are left to the discretion and sound business judgment of the Board of Directors. There is no guaranteed specific method or formula for the determination and allocation of divisible surplus.

Northwestern Long Term Care Insurance Company’s approach is subject to change. Any dividend paid will be used to reduce future premiums, or if not so used because the policy is in a non-premium paying status, will be accumulated as a premium refund which may not exceed the aggregate premiums paid. The cumulative premium refund will be paid to the insured at the earlier of cancellation or termination of the policy or death of the insured. Dividends paid on long-term care policies will be used to reduce the cost of future premiums, or if not so used because the policy is in a non-premium paying status, will be accumulated as a premium refund which may not exceed the aggregate premiums paid. The cumulative premium refund will be paid to the insured at the earlier of cancellation or termination of the policy or death of the insured.

***A financial representative is a licensed insurance agent.

Long-Term Care Insurance Policy forms TT.LTC.(1010) and TT.LTC.(0213) or state equivalent.
Long-Term Care Insurance Policy form TT.LTC.ML.(1010) and TT.LTC.ML.(0213) are only available in NJ, NY, OH and PA.
Long-Term Care Insurance Policy form TT.LTC.LP.(0213) is only available in TX.
Long-Term Care Insurance Policy form TT.LTCN.(1010) is only available in MA.

Northwestern Long Term Care Insurance Company’s long-term care insurance contains exclusions and limitations.

The purpose of this material is for the marketing and solicitation of insurance.

The prospective insured may contact the Health Information Counseling and Advocacy Program (HICAP), 701 W. 51st W-352, Austin, Texas, 78751, at 1-800-252-9240 to receive counseling regarding the purchase of long-term care or other health care coverage.  This program is a senior insurance counseling program provided by the Area Agency on Aging under the authority of the Texas Health and Human Services Commission.

NM-LTC-006 (1011)

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NM-LTC-008 (1011)