St. Olaf College Welcomes You To An Exclusive Education Seminar: New Voluntary Long-Term Care Benefit

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1 St. Olaf College Welcomes You To An Exclusive Education Seminar: New Voluntary Long-Term Care Benefit

2 What is Long-Term Care? Assistance and Care for Chronic Illness or Disabilities Can be Physical or Cognitive Impairments Caring versus Curing 2

3 Types of Long-Term Care Skilled Care Nursing Care & Therapies Trained Professionals Personal Care Activities of Daily Living Bathing Eating Transferring Toileting Dressing Continence Supervisory Care Monitoring and Support 3

4 Where is Care Provided? Home Health Care Adult Day Care Assisted Living Nursing Home Care 82% 18% Home Care, Assisted Living, Adult Day Care 4 Source: Agency for Health Care Policy and Research, 2007; National Association for Home Care, 2006; Assisted Living Federation of America, 2007

5 Who Needs Long-Term Care? More than 13 million people in the United States need some kind of long-term care Average age 66 41% are working adults 5 Source: The Caregiving Project for Older Americans, "Caregiving in America" 2007)

6 Risk of Needing Long-Term Care 70% of people age 65+ will need some type of long-term care services during their lifetime! 1 This makes long-term care arguably the single biggest financial risk that most Americans face 6 Source: U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, September 2008.

7 Growing Need For Long-Term Care An Aging America 37.9 million Americans are over 65, 65 million by 2030 By 2040 the population age 75+ will exceed that of age Centenarians are the fastest growing age group Families in Transition 1 US Census Bureau, Facts, Older Americans Month: May 2009! 7 2 National Center for Health Statistics, Health, United States, 2006 With Chartbook, Hyattsville, MD:

8 Nursing Home Costs in Minnesota-Semi- Private Room Minnesota Whole State - $76,716-11% - 5 yr annual growth Minneapolis-St. Paul-Bloomington - $81,515 6% 5yr annual growth Genworth Cost of Care Summary -2012

9 Costs outside of Nursing Homes Home Care $30- $40/hour Home Health Aide $65 - $90 per hour RN, Nurse Practitioner, Doctor Adult Day Care $165 day / $60,000 a year Assisted Living $37, 612 MN plus Care Services Genworth Cost of Care Study

10 Who Pays For Long-Term Care? 54% of Baby Boomers believe Medicare will pay for longterm care services, 44% said they believe other health insurance will pay. 1 1 StrategyOne for America s Health Insurance Plans (AHIP), National Survey, October 2007) 10

11 Medicare Health insurance for senior Americans age 65+ Eligible regardless of economic status Covers short-term acute conditions cure vs. care May cover up to 100 days Never designed to cover long-term care costs 11

12 Medicaid (AID) Means tested - health insurance for the indigent Does cover long-term care services Covers primarily nursing homes Must spend down to qualify Deficit Reduction Act has made it more difficult to qualify for Medicaid by hiding assets 12

13 Why Planning is Necessary High Likelihood High Cost Other Health Care Plan Limitations Risk of Depleting Retirement Assets 13

14 Paying For Long-Term Care Pay Costs Yourself Rely on Medicaid Long-Term Care Insurance Use a combination of Insurance and Self-Pay * 14

15 Designing an Insurance Plan The Four Components of a Long-Term Care Insurance Plan 15

16 Designing Your Plan Daily Benefit (how much) How much does the insurance company pay per day? $100 - $200 per day (varies by state) Plan Duration (how long) Your LTC Account Plan designs available: $73,000-$365,000 16

17 Designing Your Plan Elimination Period 90 day elimination period available Deductible Inflation Protection Keeps your policy current with rising costs of care Future dollar values Premiums remain stable even though the benefit increases 17

18 YOUR LTC INSURANCE ACCOUNT Pool of Money $100 - $200 Per day or $3,000 - $6,000 per Month 3 yr benefit period example at $150 per day ($4,500/mo) 365 X $150 X 3 (years) = $164,250 Lifetime Maximum Add Inflation 3% In 20 years Lifetime Maximum = $296,654 In 20 years daily benefit = $ X 30 = $8,130/mo

19 Total Coverage Home Care Assisted Living Adult Day Care Nursing Home Care Comprehensive Coverage 19

20 Additional Features Built in Features Care Coordination Services Return of Premium up to age 67 NO WAITING PERIOD FOR HOME CARE Optional Riders Shared Care 20

21 What Does LTC insurance Cost? Premiums based on Age and health Plan design Discounts 21

22 Triggers to Benefits 2 of 6 Activities 1. Bathing 2. Eating 3. Continence 4. Toileting 5. Dressing 6. Transferring OR Cognitive Impairment 90 Day Certification of Need Your Doctor working with Transamerica 22

23 What is Important to You? Affordability Simplicity Choice and Flexibility Asset Protection Peace of Mind 23

24 Exclusive LTC program from Transamerica Life Insurance Co for St Olaf employees and their family members Comprehensive plans Guaranteed renewable Coverage is portable Marital discounts/ St. Olaf College group discount/ No Gender based pricing Available to Spouse/Partner and family members Preferred rates available SIMPLIFIED UNDERWRTING ONE TIME OFFER FOR BENEFIT ELIGIBLE EMPLOYEES UNDER AGE 65 24

25 Eligible Participants All eligible applicants receive St. Olaf College Discount Employees Spouses/Partners Preferred Health rating available Parents (Step & In-Laws) Grandparents (Step & In-Laws) Adult Children 18 years and older* Siblings 25

26 Next Steps 1. Complete Information Sheet 2. Sign Up for Personal Consultation 3. TELL YOUR COLLEAGUES TO ATTEND AN EDUCATION MEETING Gary Marx/Cathy Flanagan Personal Consultation: Starting Week of October 7th- Oct 18 th. Heritage and Norway 26

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