Long Term Care Insurance
UST offers a Group Long Term Care Insurance benefit provided through the Prudential Insurance Company. The Long Term Care Insurance benefit coverage is designed specifically to cover the costs associated with extended long-term care. Long-term care offers a variety of services for people who are unable to care for themselves. It could be assistance in your home with day-to-day activities or special attention in a nursing home.
There is a perception that Long Term Disability coverage will cover long-term care expenses. Disability coverage replaces lost wages if you are no longer able to work. That money is intended to cover your normal living expenses, like food and housing. Medicare and private health insurance plans, including Medicare supplement policies, pay for hospitalization and other medically necessary expenses, but were not designed to cover extended long-term care costs. Medicare does provide benefits for long-term care, but it is only available to persons who have become impoverished.
You can take a Long Term Care Insurance credit on your State of Minnesota tax return. The credit is good for 25% of the premiums up to a maximum of $100, or $200 if filing jointly. Check with your tax professional for more information.
Long-Term Care Insurance Facts
- There will be opportunities to adjust for inflation.
- As long as you keep paying your premiums and you have not received benefits up to your lifetime maximum, your coverage cannot be cancelled.
- Not only are you eligible but so are your spouse, parents, grandparents and in-laws.
To obtain more information on Long Term care insurance, application forms and/or a quote, please contact:
Pam Devine
Director of Long Term Care Insurance
David Agency, Inc.
6800 France Avenue South Ste: 350
Edina, MN 55435
952-277-0671
