Long-term care is really a variety of different personal and household services for people who cannot care for themselves. These services range from basic help with daily activities at home like bathing or dressing to care in a nursing home or assisted living facility. The need for care could be the result of injury from an accident, or it could relate to a chronic illness like Multiple Sclerosis or Alzheimer’s Disease — it may surprise you to know that almost 37% of CNA insureds receiving long-term care benefits are working-age adults 65 or younger (Based on 3,024 long-term care claims paid by CNA between 1993 and 2008).
Long-term care insurance is specially designed to help cover the costs of long-term care. It helps give you the peace of mind that comes with knowing you are prepared for the future.
How much does long term care cost?
You might be amazed by how much even a little assistance from a professional caregiver costs. Consider the following:
The national cost of nursing home care is $56,000 per year (A Shopper's Guide to Long-Term Care Insurance, 2008, National Association of Insurance Commissioners).
The national average cost of part-time basic home care is $16,000 per year (A Shopper's Guide to Long-Term Care Insurance, 2008, National Association of Insurance Commissioners).
For more information on the cost of nursing home care in your area, click the map icon in the left-hand margin of this page.
Aren’t I already covered?
Probably not. It's a mistake to believe government programs or other insurance plans will cover the costs of long-term care. The fact is, most of these were not designed to cover custodial long-term care, and they provide minimal, if any, coverage under very limited conditions. Medicaid, the one government program that does cover substantial long-term care costs, is available only to certain low-income individuals and families who fit specific eligibility groups. Qualifying for Medicaid typically means “spending down” most of your hard-earned assets.
Why Group Long- Term Care Insurance?
Group long-term care insurance is long-term care coverage designed by CNA in collaboration with your employer as a valuable employee benefit. It is tailored specifically for the employees in your organization and their families, so it offers comprehensive coverage at affordable rates. And because it is a group plan, employees may enroll with limited or no medical underwriting.