Long-Term Care Makes So Much Sense
This month, we continue our discussion of the importance of having long-term care insurance.
Let’s Talk About Long Term Care (LTC) Insurance
According to the U.S. Department of Health and Human Services, nearly 70 percent of Retirees will need some type of long-term care. A survey conducted by Genworth in 2020 states that the median costs for these services range from $53,768 to $105,850 per year.
Long-term care insurance is designed to protect your retirement savings and assets by paying a monthly benefit for some of the expenses you may incur if you need supervision or assistance with basic activities of daily living (ADLs), such as bathing, eating, continence, dressing, toileting, ambulating and transferring – situations that can follow an accident or illness such as a stroke, because of older age and frailty, or because you need supervision due to a cognitive disorder like Alzheimer’s disease.
Make an appointment with our Retirement Specialists.
Join the ClubZ
Club Membership for Retirees costs only $4 a month and can be deducted from your pension. As a Retiree, you are entitled to group rated insurance benefits including life insurance, accidental death and dismemberment, pre-funeral planning, long-term care, and our popular legal plan by MetLife.
Here’s Why You Need The Club’s Long-Term Insurance
Long-term care insurance is a form of coverage that can assist with the costs associated with everyday living, providing you and your loved ones financial peace of mind. It offers support should you need help in areas such as dressing, bathing or moving around; making sure necessary day-to-day needs are taken care of when needed most.
You may need this kind of help following an accident or illness such as a stroke – because of older age and frailty, or because you need supervision due to a cognitive disorder like Alzheimer’s disease.
- Your premiums are conveniently deducted through your pension
- Affordable Club Member-only group rates
- Group rates are locked in at the age you apply
- Coverage is available to you, your spouse/domestic partner, parents, and grandparents
- Available payout benefits range from $1,000 to $5,000 per month
- Your plan pays a monthly benefit directly to you, as opposed to most other programs that pay out on a reimbursement schedule
- Choose from four plans: 1) Long-Term Care facility; 2) professional home care; 3) total home care; and 4) simple inflation protection
- Available terms: four-year nursing facility/eight years in home. Also 10-year nursing facility/20 year in home. (Home care benefit pays out at 50 percent)
Schedule an appointment today with a Club Retirement Counselor, and be ready for your best retirement.
IMPORTANT: The best time to buy long term care insurance is before you need it.
LACEA Insurance Services, Inc. (Employees Club of California) is a licensed insurance agency offering insurance benefits to qualified Club members. The Club’s CA DOI Lic. is #0B98000.
Resources for Club Retirees or Those About to Retire
2023 events will be added
LADWP Retiree Association: email@example.com
Employees Club of California
LA City Employees’ Retirement System (LACERS) (City Dept.)
LADWP Retirees Association
Fire and Police Pensions (City Dept.)
LA Retired Fire and Police Association (LARFPA)
Retired Los Angeles City Employees, Inc. (RLACEI)
For ACTIVE MEMBERS
Are You Ready for Retirement?
Here are some current programs to help with your planning:
Learn about your retirement options and benefits at an upcoming Planning for Retirement webinar, hosted by the LACERS Member Engagement team. Register via your MyLACERS account. Upcoming dates include:
Tues., March 7 (in person at The California Endowment)
Thurs., March 23
Sat., April 1
Thurs., April 20 (Tier 3)
Wed., May 25
All webinars begin at 9 a.m.
Applying for Retirement Online
Members are encouraged to submit their retirement application 60 days before their retirement date when using LACERS’ new Retirement Application Portal (RAP). The RAP is a great asset to LACERS Members that helps to streamline the retirement process. While the filing period is within 30 to 60 days of your retirement date, starting your application early and submitting it on the first day you can at the 60-day-prior mark, will allow for a couple of benefits. These include having ample time to discover any complications and address them without having to move your retirement date, as well as ensuring LACERS staff has time to meet your retirement date request.
For example, if your desired retirement date is July 15, 2023, you would have aimed to submit your retirement application in the portal on May 16, 2023. For more information, please visit lacers.org/applying-retirement.