Long-Term Care Insurance

MIT's group Long-Term Care (LTC) plan offered by Genworth Life changed for employees enrolling in coverage after April 8, 2018. The plan's daily and maximum benefits, increase in rates, and revisions to the underwriting guidelines for new participants do not impact previous LTC policyholders.

See plan details below.

 If you currently have an LTC policy with John Hancock, the Genworth contract does not affect that policy. If you have any questions, please call the John Hancock Customer Service Center at (888) 453‐2030.

Long-term care insurance, or LTC, is designed to help reimburse charges for the care you may need if you are chronically ill and need help with everyday activities like eating, bathing, or dressing. It also reimburses for the cost care if you need supervision due to a cognitive impairment like Alzheimer's disease. Long-term care insurance is a voluntary benefit that MIT makes available to help you protect your financial future.

People often confuse long-term care insurance with long-term disability insurance. Long-term disability insurance provides income protection to help you cover daily expenses such as rent, utilities, and food. It is not intended to pay for your care if you have a long-term care situation. Long-term care insurance is also not medical insurance; it will not cover doctor visits, hospital costs, pharmacy costs or other costs to treat an injury or illness.

Long-term care insurance reimburses you for the cost of care received in a nursing or assisted living facility, at home, or in community settings like adult day care centers. The plan also has features that may help you stay in your own home, such as benefits that help reimburse the costs for informal care, home modifications, caregiver training and in home monitoring systems, as well as a respite care benefit.

Anyone, regardless of age, can suddenly be in a situation where long-term care services are needed. A broken bone, a chronic disease or a cognitive impairment such as Alzheimer’s disease could mean months or even years of on-going care. Long-term care insurance is specifically designed to reimburse you for this kind of care. In addition, because long-term care insurance premiums are based on your age when you apply, the younger you are the lower your premiums.

LTC is insurance paid by the covered individual. However, if you purchase long-term care insurance through the MIT group plan there are a number of advantages. As an MIT employee, you can apply at more affordable group insurance rates, and if you apply within 45 days after your hire date, you can apply without a medical exam or medical history if you are an actively at work full-time employee age 65 or under. Your spouse, or other family members, may also apply (subject to underwriting approval) and the coverage is completely portable, which means you may continue your coverage should you change jobs, leave MIT or retire, as long as you continue to pay your premiums.

The cost of long-term care insurance varies depending on your age and the options you choose. Many people find the group premiums more affordable than expected. You will receive a customized letter outlining some different plans and the costs per month based on your current age.

Long-term care insurance is available to active benefits eligible employees of MIT working at least 20 hours per week. In addition, your spouse or domestic partner, and other family members including: adult children, siblings, parents, parents-in-law, step parents, step parents-in-law, grandparents, grandparents-in-law, step grandparents and step grandparents-in-law are also eligible to apply (subject to underwriting approval.)

Eligible family members may apply for coverage whether or not the eligible employee applies, although all applicants must be age 75 or under, maintain a permanent US residence and have a valid Social Security number or Tax Identification Number.

John Hancock, the previous insurer for LTC offered through MIT, stopped accepting new applications for LTC in January of 2012. Because of this change, MIT began exploring other vendors who offer the same or similar benefits. We chose to contract with Genworth Life Insurance Company, a leader in the long-term care insurance industry with over 38 years of experience with this type of coverage.

This decision does not affect MIT employees or dependents who already have long-term care insurance through John Hancock, nor does it affect John Hancock's ability to pay claims. If you have questions about this benefit through John Hancock, please call the John Hancock Customer Service Center at (888) 453-2030.

Eligible MIT employees may participate in the Genworth LTC program, whether or not they already have a policy with John Hancock. You may want to consult a personal financial planner about this decision.

Genworth has a website for MIT employees. 

You can also call 800-416-3624 toll free to speak to a Genworth program expert and order an information kit that contains full details of the program as well as an application you can fill out, sign, and mail.