What Does Asset Care IV Long-Term Care Protection Guarantee Your Employees?
Guranteed Cash Value Growth |
Guaranteed Death Benefit |
Guaranteed Tax-Free LTC Benefits |
Guaranteed Level Premiums |
Guaranteed Option For Lifetime LTC
Protection
How Does an Asset Care IV policy help my employees?
Financial Protection
An Asset Care IV policy increases the cash value savings of your employees.
Should they have a rainy day emergency where funds are needed fast or God forbid they have a physical accident or illness that requires long term care medical needs your employees can have piece of mind by having financial protection to protect their wallets from life's emergencies.
Should they have a rainy day emergency where funds are needed fast or God forbid they have a physical accident or illness that requires long term care medical needs your employees can have piece of mind by having financial protection to protect their wallets from life's emergencies.
Long Term Care Medical Protection
Hopefully, your employees will live long and healthy lives and never need medical care. Unfortunately, accidents happen and some people will have an illness to deal with in their later years during which time they may need long term medical care.
Long-term care is usually defined as a person needing assistance in performing 2 of the 6 activities of daily living.
Activities of daily living (ADL) are routine activities that people tend do every day without needing assistance. There are six basic ADLs: eating, bathing, dressing, toileting, transferring (walking) and continence.
Activities of daily living (ADL) are routine activities that people tend do every day without needing assistance. There are six basic ADLs: eating, bathing, dressing, toileting, transferring (walking) and continence.
Asset Care provides your employees with financial assistance regarding:
- Care in a LTC facility (all levels), hospice care, adult day care, respite care (21 days per calendar year)
- Care in an assisted living facility
- Home health care, including hospice care and homemaker services
- Bed reservation (31 days per calendar year)
- Care coordination and caregiver training
- Supportive equipment
- International facility coverage
Monthly benefits
The policy monthly LTC benefit is 2 percent of the death benefit per month for each insured or actual charges, whichever is less. The full monthly benefit is available for qualifying expenses.
If the option to use 3% or 4% of the death benefit per month, per insured, for LTC is selected at issue, the same limits apply to care in all of the above-listed settings. Additional premium required for 3% and 4% options.
Tax Benefits
Under the Health Insurance Portability and Accountability Act of 1996, Asset-Care insureds who receive LTC policy benefits will have the entire amount treated as an income-tax free prepayment of the death benefit.
Amounts not paid for LTC benefits pass income tax free to the named beneficiary
In other words, benefit payments made towards long-term care needs are income tax free as is the remaining policy death benefit that is passed on to the employees beneficiaries.
Amounts not paid for LTC benefits pass income tax free to the named beneficiary
In other words, benefit payments made towards long-term care needs are income tax free as is the remaining policy death benefit that is passed on to the employees beneficiaries.