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.
Why you need Long Term Care Insurance from the Club:
- 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)
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
Sept. 7 General Membership Meeting (LARFPA)
Oct. 1 Annual Fall Meeting
Dec. 17 Annual Holiday
LADWP Retiree Association: firstname.lastname@example.org
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)
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 Oct. 22, 2022, you would aim to submit your retirement application in the portal on Aug. 23, 2022. For more information, please visit lacers.org/applying-retirement.
Events Coming Up For Retirees:
Register for these virtual events below through your MyLACERS account or by calling LACERS. If you need assistance, email LacersWell@lacers.org Space is limited for each event so be sure to sign up early. To view additional dates and information, visit: lacers.org/lacers-well-events
Mom’s Computer Technology Class
Wed., Sept. 14, 3:00 p.m.
Mom’s Computer will host monthly technology classes throughout 2022. These classes help members navigate the changing technology landscape and offer tips on using computer, smart phones/tablets, Internet, and more.
Fitness Made Simple: Exercise Class
Wed., Sept. 21, 9:30 a.m.
Why just talk or dream about exercise when we can “Make Fitness Simple?” Join Coach Sean Foy as he helps you train in the comfort and convenience of your own home to realize your personal health and fitness goals.
Anthem Medicare Preferred (PPO): Benefits Beyond Medicare
Wed., Sept. 21, 2:00 p.m.
The Anthem Blue Cross team will share information about their Anthem Medicare Preferred (PPO) plan benefits available beyond Medicare. The team will review applicable eligibility rules, how to access benefits, and detail preferred partner benefits. These benefits include healthy meals, healthy pantry, adult day center, in-home support and more!
Missed Past LACERS Well Events?
LACERS offers several event recordings on various topics: finances, emotional wellness, fitness, and more! Visit the LACERS YouTube channel at youtube.com.lacersyoutube and hit the subscribe button to receive alerts of newly posted videos. Also, enjoy exclusive content and get connected with LACERS Members on the LACERS Well Facebook Group. Log on to your account at Facebook.com and search for the LACERS Well group to join.