Long Term Care
Frequently Asked Questions
What is Long Term Care Insurance?
Who is eligible?
Where can I receive care and what is the maximum benefit option?
Is there protection against inflation?
Will my rates increase with my age?
How do I qualify for my Long Term Care Benefits?
How long do I have to wait to receive my Long Term Care benefits?
What happens to my contributions/premiums if I were to die before the age of 74?
What is Long Term Care Insurance?
Long Term Care Insurance helps individuals with the Nursing Home, Home Health Care and Adult Day Care expenses they may incur when they have a chronic disabling condition.
Who is eligible?
You are eligible to apply if you are:
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Under the age of 85. | |
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An AICPA member, a full-time employee of the AICPA, or a qualified family member (spouse, adult children and their spouses, domestic partner*, parent, parent-in-law, grandparent, or grandparent-in-law). | |
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Reside in an eligible jurisdiction. |
Where can I receive care and what is the maximum benefit option?
You can receive care at a Nursing Home, your own home or through a Community Care Center. The maximum daily benefit options are: $100, $150, $200, $250, or $300 for Nursing Home care and 100% or 60% of the Nursing Home Care Daily Maximum Benefit for Home and Community Based Care. The Lifetime maximum benefit ranges from $109,500 to $1,095,000 depending on the Daily Maximum and Benefit Period selected.
Is there protection against inflation?
You have two options to protect yourself against inflation:
| 1. | Automatic Inflation Increase – automatically increases your Nursing Home Care Daily Maximum Benefit by 5% each year, compounded annually, while your contributions remain level based on your original issue age. | |
| 2. | Periodic Inflation Protection Upgrades – allows you to purchase additional coverage for inflation protection. Coverage amounts increase at 5%, compounded annually, for each year requested. Rates for this additional coverage will be based on your age at the time of the increase. |
Will my rates increase with my age?
Your contributions will not increase because you get older, nor will they increase if your health status changes. Your contributions can increase only if you increase your coverage, or if the contributions for all covered class members are increased.
How do I qualify for my Long Term Care benefits?
In order to receive benefits, you must be assessed and confirmed to having a chronic illness or disability. You must also meet one of the following three conditions as determined by Prudential:
| 1. | The loss of ability to perform, without substantial assistance, for at least 90 days, two or more of the following six Activities of Daily Living: bathing, continence, dressing, eating, toileting, or transferring. | |
| 2. | A similar level of disability as that described above. | |
| 3. | A severe Cognitive Impairment, which requires substantial supervision to protect someone from threats to his/her health and safety. |
How long do I have to wait to receive my Long Term Care benefits?
You are eligible for benefits after satisfying a 90 day waiting period which begins on the date you contact the Plan Agent to arrange for an assessment to confirm your chronic illness or disability.
What happens to my contributions/premiums if I were to die before the age of 74?
Should you die before the age of 74, a portion of contributions paid for your coverage, less any benefit payments, will be returned. The percentage of contributions to be refunded is based on your age at death.
Note: These frequently asked questions are for illustrative purposes only and is not a contract. It is intended to provide a general overview of the certificate described. Please remember that only the insurance certificate can give actual terms, coverages, amounts, conditions and exclusions.
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Underwritten by The Prudential Insurance Company of America.
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