Bankers life logo search site BLOG FAQ ABOUT US UPDATE LOCATION Long-term care Insurance Help at every step of the way. Call (888) 910-6993 Get a Quote The purpose of this communication is the solicitation of insurance. Contact will be made by an insurance agent/producer or the insurance company. What is long-term care insurance? Long-term care is the assistance people need when they can no longer perform basic activities of daily living, such as eating, bathing, dressing or taking medications. A long-term care insurance policy is designed to help you pay for assistance with these types of activities. Long-term care needs typically arise as part of the normal aging process but can also be due to injury or illness, such as stroke or cognitive impairment like Alzheimer's disease. Learn how long-term care insurance can help cover your assisted care expenses Policies are underwritten by Bankers Life and Casualty Company, except policies issued in New York, which are underwritten by Bankers Conseco Life Insurance Company Who needs long-term care insurance? If you prefer to live in your home for as long as possible, and you want to help protect your retirement savings, you may benefit from a long-term care insurance policy. Typically, Medicare doesn’t fully cover assisted care expenses, including custodial care, which is provided in nursing homes, assisted living facilities or at home. Coverage for these types of health expenses helps you maintain control of where you will receive care and helps protect your life’s savings. 70% of Americans over 65 expect to use some form of long-term care services¹ The national average cost for a private room in a nursing home is $7,698 per month¹ Product features and benefits Offers independence and financial security Offers flexibility in making choices and the option to live at home Provides coverage for unexpected health expenses Days of care do not have to be consecutive within the claim period Types of long-term care policies Comprehensive long-term care insurance Offers freedom of choice Covers expenses for nursing home, assisted living facilities†, adult day care centers or home care services Facility-only long-term care insurance Covers expenses associated with nursing homes, assisted living facilities† and Alzheimer's facilities How does long-term care insurance work? Long-term care insurance policies reimburse policyholders a monetary daily amount (up to a pre-selected limit) for assisted care services such as eating, bathing or dressing. You can select a range of care options and benefits that allow you to get the services you need, where you need them. How do I know if I’m eligible for long-term care insurance? Step one in obtaining long-term care insurance is meeting with an experienced, Bankers Life licensed insurance agent/producer to determine the right plan for you. Most individual long-term care insurance policies require medical underwriting and may require a medical exam. Our underwriters will review your medical history to determine if your application is acceptable and to identify your risk classification. How is the cost of long-term care insurance determined? Your premium amount will be determined by your length of coverage, your age/gender, your current health, the elimination period (the amount of time before your policy begins to pay benefits) and the maximum dollar amount you can be reimbursed for covered expenses. Qualifying for coverage can become more difficult as you age—the best time to apply is while you're still in good health. Why Bankers Life? Simplified application process Our knowledgeable insurance agents/producers sit down with you in your home to understand your preferences and goals. They’ll provide you with simple, clear choices that meet your individual financial needs. Personalized approach With a history dating back to 1879, there are some things that never change. At Bankers Life, that means taking a personalized approach to help protect the individuals and families we serve. We focus on helping you improve upon your financial security, particularly as you enter and navigate retirement. Service you can trust Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims. In 2018, Bankers Life paid long-term care insurance claims to over 250,000 policyholders, totaling $541 million. Bankers Life is accredited by the Better Business Bureau with an A rating as of April 2018, in addition to receiving an A- (Excellent) rating by A.M. Best Company for our financial strength. FAQs Where is long-term care provided? What does “chronically ill” mean? If Medicare paid for my expenses, should I still file a claim with Bankers Life? Can I hire a family member to provide home health care for me? I have a home health care agency I want to use. How can I find out if it's an eligible provider with my policy? Does my policy pay benefits for someone to clean my house? What are the requirements for an independent caregiver? Is there a waiting period before my policy pays benefits? Is there a deadline for submitting claims? How long does it take to process my claim? Should I file a claim before or after I begin receiving care? Can I submit a claim on behalf of a Bankers Life insured? Can I file a claim for my medical alert system? California residents—Specific individual long-term care insurance policy forms offered in California are available to a prospective applicant upon request. Please contact us using the non-claim inquiries toll free number shown on our Contact Us page. †In California, an “assisted living facility” is licensed as a residential care facility for the elderly or a residential care facility as defined in the Health and Safety Code. Medicare Supplement insurance Life insurance Term Life Insurance Whole Life Insurance Universal Life Insurance Juvenile Whole Life Insurance Long-term care insurance Supplemental health insurance Critical Illness Insurance Hospital Indemnity Insurance Annuities Find a branch Find the address and phone number of your local Bankers Life office for assistance. "It's peace of mind to know that if something does happen, you've got the resources to take care of yourself"² -Dotti Johnson, Florida Bankers Life Facebook page Bankers Life YouTube page Bankers Life LinkedIn page Site Map Terms & Conditions Privacy Center CNOInc.com © Copyright 2021 Bankers Life ¹ U.S. Department of Health and Human Services,https://longtermcare.acl.gov, October 2017. ² Actual customer testimonial. A.M. Best: A- (Excellent). This rating is their assessment of our relative financial strength and ability to meet contractual obligations. This rating is the fourth highest of thirteen ratings. For the latest rating, visitwww.ambest.com. This is a long-term care insurance solicitation. An insurance agent/producer may contact you. Long-term care policies are underwritten by Bankers Life and Casualty Company (Chicago, IL), Colonial Penn Life Insurance Company (Philadelphia, PA) and in New York, Bankers Conseco Life Insurance Company (Jericho, NY). Policy form number (may vary by state): GR-N650. Colonial Penn, Bankers Life and their licensed agents/producers are not connected with or endorsed by the U.S. government or the federal Medicare program. This policy has exclusions and limitations. For costs and complete details of coverage, contact your insurance agent/producer. These products and its features are subject to state availability and may vary by state. Additional New York State resident information Additional Oregon State resident information In New Hampshire: Contact the Senior Insurance Counseling Program at www.servicelink.nh.gov/ or 1-866-634-9412. In Florida, to be eligible for long-term care, individual must be "chronically ill", with qualified long-term care services provided pursuant to a plan of care prescribed by a licensed health care practitioner. Bankers Life is the marketing brand of Bankers Life and Casualty Company, Medicare Supplement insurance policies sold by Colonial Penn Life Insurance Company and select policies sold in New York by Bankers Conseco Life Insurance Company (BCLIC). BCLIC is authorized to sell insurance in New York. Administrative office: Chicago, Illinois. For information and educational purposes only. Does not constitute investment advice or a recommendation. 155975-0320