Long Term Care Insurance

Protect Your Assets. Get Quality Care. Prepare For The Future.

What is it?

Long-term care insurance helps you pay for your extended medical needs in a nursing home facility or in the comfort of your own home.

Who needs it?

Long-term care insurance should be an important part of every family’s planning. While we’d like to think that we will never need long-term care, or that we could easily afford it the statistics suggest otherwise:

  • 70 percent of people over age 65 will need some type of long-term care services during their lifetime. [1]
  • 3 years is the average duration of long-term care needed per individual. [2]
  • $91,250 is the average annual cost of private nursing home care. [3]
  • $80,300 is the average annual cost of at-home nursing care. [4]

Traditional medical insurance programs and government medical insurance programs don’t usually provide enough help. According to the Department of Health and Human Services, Medicare only pays for long-term care services for a maximum of 100 days, with a copay after the 20th day, and only if you meet certain criteria. Medicaid does pay for long-term care, but only if your income is below a certain level, and you meet state requirements. [5]

How does it work?

Knights of Columbus Long-Term Care insurance policies establish a pool of money (also known as a maximum lifetime benefit), which is determined by a number of options that you choose from (see below). That pool of money is then available for you to use to cover qualified long-term care expenses. When the pool of money is exhausted, your long-term care policy ends.

The Knights of Columbus also offers a spousal discount program, through which spouses who apply for long-term care insurance coverage together are eligible for up to a 30 percent discount.

What options do I have?

Coverage Type

Comprehensive Coverage – Comprehensive long-term care insurance allows you to use the policy to help cover expenses at home or in a skilled nursing facility.

Facility-Only Coverage – Facility-only long-term care insurance helps cover expenses in a skilled nursing or assisted living facility.

Benefit Period

3-Year – Establish a maximum lifetime benefit designed to help cover three years of long-term care expenses.

5-Year – Establish a maximum lifetime benefit designed to help cover five years of long-term care expenses.

10-Year – Establish a maximum lifetime benefit designed to help cover 10 years of long-term care expenses.

Daily Benefit

Working with your Knights of Columbus field agent, you establish the daily benefit amount that the policy provides, based on your budget and your projected need. Your daily benefit amount, combined with your benefit period, will determine your maximum lifetime benefit, all of which will affect your premium.

Elimination Period

Long-term care insurance policies come with an elimination period, which serves as your deductible or out-of-pocket amount. You can select a 30, 90, or 180-day one-time, lifetime elimination period, after which time your benefits will begin to be paid.

Additional Features and Benefits

A number of special features and benefits – often called riders – are available on Knights of Columbus long-term care insurance products. An example is the compound inflation rider, which will increase your maximum lifetime benefit annually.

Contact your Knights of Columbus field agent today to learn more about our long-term care insurance products and the safety and security that we can help provide.

[1] U.S. Department of Heath & Human Services Clearinghouse for LTC Information

[2] Ibid.

[3] 2015 Cost of Care Survey, Genworth.

[4] Ibid.

[5] U.S. Department of Health & Human Services