Long Term Care

We are very excited to announce a new benefit: Trustmark Life + Care.

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This is a bundled Long-Term Care plus life insurance that provides great value for anyone who may need Long-Term Care in the future.

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Ever since our previous provider pulled out of the Long-Term Care market, we have been looking for a new provider who can offer a similar option, and Trustmark’s option is even better than what we had before!

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What is Long-Term Care Insurance? 

Long-Term Care insurance is a form of supplemental insurance that covers you when you need assistance completing routine daily tasks for more than six months. Think nursing homes, at-home nurses, or situations in which you require family to come help your day-to-day needs (for example, getting out of bed or a chair, bathing, dressing, eating, or going to the toilet). 

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This is one of the rarest forms of insurance out there and is also one of the hardest to get. Luckily, for this Open Enrollment, you can get $175,000 worth of coverage without any medical testing or questionnaires.

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What’s Special about Trustmark’s Plan?

This plan works by combining Long-Term Care with Term Life Insurance. When you enroll in this plan you choose a coverage amount, any number between $25,000 and $300,000. It is portable (meaning you can keep the plan and your rate even if you change jobs), rates are locked when you enroll (the younger you are, the more affordable the plan is).

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How does it Work?

There is a lot of different pieces to this plan, but here is an example of how it essentially works.

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When you enroll, you select your “face amount” which is the same as selecting your payout for life insurance. That amount determines how much your death benefit is and you get double that amount in long-term care benefit.

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If you enroll in the $175,000 guaranteed issue plan, and you need a family member to help you for six months, you will get 2% of $175k a month, which is $3,500 a month. That money goes directly to you, the policy holder. You can use it to pay for medical equipment, pay rent, or on anything else! It’s your money.

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If you’re receiving professional help by a licensed healthcare institution (whether at home or at a nursing facility/hospital) for over six months, then that 2% becomes 4%. With the same $175,000 option, you’re getting $7,000 a month that is yours to spend how you choose.

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Additionally, after your long-term care amount drops to zero, your face amount will return to $175,000 and you will be able to still get paid should you need long-term care.

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For example. If someone has the $175,000 plan, and they need long term care for 40 months and then they pass away, their beneficiary will receive $175,000, and the policy holder would have received $280,000 ($7,000 a month) while alive.

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Important note on individuals who reach age 70: The death benefit portion of this plan reduces to 33% of the coverage amount once you reach age 70. While this is unfortunate, this part of the plan drastically reduces the price of the insurance.

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Who is this plan good for?

If your family has a history of needing long-term care or if you are worried about paying for care, should you need it, we highly recommend this plan. It is expensive, but worth it for the peace of mind it can bring. Additionally, it’s more affordable if you’re young and you don’t smoke!