The duration of chronic illness care varies widely. But 20% of 65-year-olds will need it for more than five years.
Source: Commission on Long-Term Care. Report to the Congress. September 30, 2013.
Get the facts about BenefitAccess:
What are some conditions people often need care for?
There are a wide range of conditions that may cause someone to become chronically ill. Some examples include Alzheimer's disease, stroke or chronic heart and lung diseases. Or clients may be terminally ill, for example, in the final stages of cancer. This rider is not Long Term Care (LTC) insurance and is not intended to replace LTC.
How do clients qualify for BenefitAccess benefit payments?
Clients qualify for benefits when a licensed health care practitioner certifies that the insured:
1) without substantial assistance, has been or will be for a period of at least 90 days, unable to perform at least 2 of 6 Activities of Daily Living (Bathing, Dressing, Eating, Transferring, Toileting, Continence); OR
2) requires substantial supervision due to a severe cognitive impairment; AND
3) the condition is expected to last the rest of the insured's life.
Recertification is required every 12 months.
4) or is certified by a licensed health care practitioner as terminally ill (has a life expectancy of 6 months [CA: 12 months] or less and otherwise meets the terms of the rider.
Do clients need to submit bills or receipts to receive benefits?
No. BenefitAccess pays benefits without regard to expenses incurred by client.
What are some ways clients can use income from BenefitAccess payments?
Once qualified, there are no restrictions on the use of benefit payment proceeds. Benefits can be used for medical costs or for any other reason such as transportation, home renovations and maintenance, groceries, prescriptions, and other day-to-day living expenses.
Can clients choose to receive care at home?
Yes. Care can be received at home by anyone, including a family member or health care professional.
What is the monthly benefit amount?
The monthly benefit under the rider is 2% of the death benefit amount at the time of claim, not to exceed the lesser of: A) The monthly equivalent of the IRS Per Diem Limit at the time of claim; or B) The monthly equivalent of the IRS Per Diem Limit on the policy issue date, compounded annually at 4%. The IRS Per Diem Limit for 2014 is $330. On PruLife Universal Protector, the face amount is advanced.
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