On August 18, the Knights of Columbus launched its new Long-Term Care Plus product in 40 states, Canada (excluding Quebec), and Puerto Rico.*
The new product is an enhancement and replacement of the Order’s existing Long-Term Care insurance, where approved.
Originally introduced in 2000, Knights of Columbus long-term care insurance is designed to help Knights and their eligible family members pay for skilled and custodial care – whether at home or in an extended care facility – without having to deplete their assets and their estate.
While life expectancies have been improving steadily, living longer may very well mean needing more care. Statistics show that nearly 70 percent of individuals over the age of 65 will require at least some type of long-term care services during their lifetime.* And those services are becoming more and more expensive.
On average, nursing home care can cost upwards of $83,000 per year, while at-home care can cost more than $60,000 per year.**
Yet most regular health insurance plans or government assistance programs do not provide sufficient coverage for long-term care needs. Long-term care insurance from the Knights of Columbus helps mitigate that risk by helping you cover your costs.
The new Long Term Care Plus product is available for issue ages 18-75, and is offered with two coverage plans: comprehensive coverage, which covers care at a facility or in a home, and facility-only, which helps pay for nursing home or assisted living care.
Long Term Care Plus contracts can be customized with the help of your Knights of Columbus field agent to best fit your projected needs and budget. Working with your agent, you can select the daily benefit amount, the benefit duration, and the elimination period that best suits your situation.
Knights and their eligible family members can also take advantage of other features, such as the optional inflation rider which can help enhance the value of the product, and a spousal discount which is available to eligible applicants. Also included in each Knights of Columbus Long Term Care Plus policy is the Return of Premium Rider, which refunds premiums if the insured dies prior to age 65.
For more information on Knights of Columbus Long Term Care Plus, contact your local Knights of Columbus field agent.
* Not yet available in AZ, CA, CT, DE, DC FL, HI, IN, MT, NJ, ND, and NY
** U.S. Department of Health & Human Services National Clearinghouse for LTC Information, 3/3/2014
***Long Term Care insurance contracts contain certain exclusions, limitations, and other terms. Your contract and licensed Knights of Columbus field agent can provide you with complete details. The Knights of Columbus reserves the right to ask questions about your health and review your medical records. Benefits are subject to underwriting. Premiums may increase. A Knights of Columbus field agent may contact you to discuss your long-term care insurance options.