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. Lock in your rate today!
JOIN THE CLUB
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
Congratulations on your Retirement and be well!
Here’s Why You Need The Club’s Long-Term Insurance
Long-term care insurance is designed to pay benefits for some of the expenses you may incur if you need supervision or assistance with basic activities of daily living (ADLs), including bathing, eating, continence, dressing, toileting, ambulating and transferring.
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 available: 10 year nursing facility/20 year in home* (Home care benefit pays out at 50 percent)
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
2022 EventsDec. 17 Annual Holiday Reservation information:LADWP Retiree Association: vincedolores@gmail.com LARFPA: events@larfpa.org |
Contact InformationEmployees 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:
Webinars
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:
Wed., Nov. 9
Thurs., Nov. 17
Sat., Dec. 10
All webinars begin at 9 a.m.
Applying for Retirement Online
For example, if your desired retirement date is Dec. 17, 2022,you would have aimed to submit your retirement application in the portal on Oct. 18, 2022. For more information, please visit lacers.org/applying-retirement.