10/06/2023
By Michael C. Rutherford
UMass is pleased to announce a special voluntary benefit to help you and your family create a plan for chronic care.
The enrollment for Trustmark’s Chronic Care + Life Insurance Benefits plan began Oct. 2. Please note this benefit will not replace your existing group life insurance - you can be enrolled in both plans. The Trustmark plan helps protect you during a chronic care event.
This if for all eligible faculty and staff in benefited positions working at least 50% time.
Important to know: The initial announcement and subsequent email communications throughout the enrollment period will appear as from “UMass@ltcipartners.com”. It is safe to open these emails and any links provided within the email. All email replies will go to a licensed Trustmark enrollment counselor.
Why is Chronic Care Planning Important?
Chronic care planning is an important aspect of a personal financial plan. Chronic care services are not covered by your Health Insurance, Disability Insurance, or Medicare. The average cost of care is $43,000/year or more. Chronic care benefits help protect your retirement savings, ease the burden of caregiving by your loved ones, and choose the setting in which you receive care.
Unique Offer for Employees
Our program will be offered to eligible benefited employees working at least 18.75 hours per week and their spouse/domestic partner. Actively-at-work eligible employees through age 70 are guaranteed acceptance - no health questions required. Coverage is fully portable at the same cost and same benefits (no conversion required).
How does it work?
One policy with two benefits – life insurance coverage for your family and chronic care benefits if you need them.
As life insurance, the benefit protects your family with money that can be used any way they choose. It is most often used to pay for mortgage or rent, education for children and grandchildren, retirement, family debt, and final expenses. Employees may select a Life Insurance amount up to $150,000.
For chronic care care, if you become chronically ill and qualify for benefits, you can access 4% of the selected life benefit per month. The chronic care benefit keeps paying up to 2x the life insurance benefit if you continue to need care. A death benefit is available even if you collect benefits for chronic care.
Example: If your life insurance benefit is $100,000, your monthly care benefit would be $4,000 and your total care benefit is $200,000.
Register now to join a live webinar on Wednesday, Oct. 11 to learn more about the plan.
We encourage you to take some time to learn about this benefit offering. The enrollment period ends Oct. 27.