Mountain America Introduces Long-Term Care Insurance
Salt Lake City, UT - Mountain America Credit Union and Mountain America Insurance Services, LLC have partnered with Intermountain Insurance Advisory Group, an independent insurance agency, to provide credit union members with long-term care (LTC) insurance solutions. LTC insurance covers a person in the event that they are diagnosed with a prolonged physical illness, disability or cognitive impairment and need care in a nursing home or assisted living facility.
"Mountain America is always looking for ways to help members protect their financial security, and we saw a real need for long-term care coverage, especially for our senior members," said Gene Erickson, chief operating officer for Mountain America Insurance Services.
Approximately 44% of people age 65 and older are expected to enter a nursing home at least once in their life, according to B.C. Stillman and J. Lubitz, authors of "Medical Care."
Unfortunately, most long-term care is not covered by health insurance, Medicare or Medicaid, and many people must pay for it out of their own pocket. The cost of a semi-private room in a nursing home was over $68,000 in 2008, according to the U.S. Department of Health and Human Services.
"Many of our members purchase a personal LTC insurance policy to cover these costs, protect their assets and give them peace of mind," said Erickson. "It also gives them the freedom to choose the facility and type of care they are comfortable with, allowing them to remain independent from government aid and avoid burdening family members with their care."
For Mountain America, long-term care insurance is just one of many new products and services that will be rolled out to the community in 2011.
"We plan on launching a series of new initiatives, all designed to assist members and improve the communities in which we live and work" explains Marshall Paepke, president of Mountain America Insurance Services.
SOURCE: Mountain America