1 Long Term Care Insurance Savings Comparison Presented by HSTA VEBA Trust.
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1 Long Term Care Insurance Savings Comparison Presented by HSTA VEBA Trust
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Transcript of 1 Long Term Care Insurance Savings Comparison Presented by HSTA VEBA Trust.
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Long Term Care InsuranceSavings Comparison
Presented by HSTA VEBA Trust
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Your Long Term Care (LTC) monthly premium is based
on the following:Plan Type
There are 8 different plans; you select the plan that best fits your needs. Plans have different combinations of various coverage.
Long Term Care Facility and Professional Home Care
Total Home Care or/and Simple Inflation or/and Non Forfeiture
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Plan 1
Long Term Care Facility
Professional Home Care
Plan 2
Long Term Care Facility
Professional Home Care
Total Home Care
Plan 3
Long Term Care Facility
Professional Home Care
Simple Inflation
Plan 4
Long Term Care Facility
Professional Home Care
Non Forfeiture
Base Plan
Plan Types
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Plan Types (continue)
Plan 8
Long Term Care Facility
Professional Home Care
Total Home Care
Simple Inflation
Non Forfeiture
Plan 7
Long Term Care Facility
Professional Home Care
Simple Inflation
Non Forfeiture
Plan 6
Long Term Care Facility
Professional Home Care
Total Home Care
Non Forfeiture
Plan 5
Long Term Care Facility
Professional Home Care
Total Home Care
Simple Inflation
Most Popular
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Monthly Facility Benefit Amount
There are 15 different $ increments; you select the amount that meets your needs
Your Long Term Care (LTC) monthly premium is based
on the following:
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Facility Benefit Duration
There are 3 different years
Your Long Term Care (LTC) monthly premium is based
on the following:
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Your Long Term Care (LTC) monthly premium is based
on the following:
Your current age at the time of enrollment
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LTC Calculation Example:Current Age: 29Plan: 5Monthly Facility Benefit Amount: $5,000.00Facility Benefit Duration: 3 years
Formula:
Rate for plan chosen x Facility Monthly Benefit Amount /500 = Monthly Premium
$2.30 x $5,000.00/500 = 11,500/500 =
$23.00 per month
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How much do you think that same coverage would be if you were to wait 30 years later to
apply for it?
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If you wait 30 years, that same coverage would cost you
$60.50 more per month or $726.00 more per year.
That is about a 261% increase; you would pay 4x more if you wait.
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LTC Calculation Example:• Current Age: 59
• Plan: 5
• Monthly Facility Benefit Amount: $5,000.00
• Facility Benefit Duration: 3 years
Formula:
Rate for plan chosen x Facility Monthly Benefit Amount /500 = Monthly Premium
$8.35 x $5,000.00/500 = 41,750/500 =
$83.50 per month
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Calculation ComparisonFormula: Age 29
Rate for plan chosen x Facility Monthly Benefit Amount /500 = Monthly Premium
$2.30 x $5,000.00/500 = 11,500/500 = $23.00
Formula: Age 59
Rate for plan chosen x Facility Monthly Benefit Amount /500 = Monthly Premium
$8.35 x $5,000.00/500 = 41,750/500 = $83.50
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Conclusion
If you have the extra income, you should consider LTC coverage. And if not, just sign up for the Basic Life Insurance for $1.50 per month and get the LTC Base Plan for no additional cost to you.
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Contact Information
• HSTA VEBA Trust
phone: 440-6940 or
1-800-637-4926 (toll free for outer-island members)
email: [email protected]
website: www.hstaveba.com
