GNYADA Insurance Brokerage Brief - Summer 2017
SUMMER 20 1 7
BROKERAGE BRIEF I NS U R ANC E
Long-Term Care Risks and Solutions Americans are reaching senior-citizenship at the rate of 10,000 people a day. With life expectancies elongating year by year, many of these “fresh seniors” also have living parents. This has stirred a great amount of interest in long-term care insurance, whichmany employers are now adding to their suite of available insurance products. Caring for elderly relatives creates emotional and financial strains on families. It can take a spouse out of thework force and lower family income, and it adds new care expenses that may not have been planned for. These expenses are often in addition to coverage that may be provided by Medicaid, which can leave limited facility options and fail to cover all care costs. Planning for this eventuality should be done before you or a parent require long- term care services. This can be anything from allocating savings for the future costs of home health care or nursing home care, or finding and working with an insurer that provides LTC policies.
Long-Term Care (LTC) policies — depending on the benefits provided — are considerably less expensive than the out-of-pocket cost of care. Now, there are alternatives to standalone LTC policies. Many Life Insurance policies now provide additional LTC benefits or allow the insured to have early access death benefits, to ease LTC costs. To learn about ways in which you can help your family and your employees prepare for the pressure of administering long-term care, ask the GNYADA Insurance Brokerage about affordable insurance plans that will work for you.
Steve Quirk, AssistantVice President - FNA Group, contributed to this article.
Disability Coverage through GNYADA & ARCH Insurance Dealerships commonly offer disability programs to their employees to cover New York State’s “Statutory DBL Benefits”. These benefits provide 50% of average weekly wages up to a maximum of $170 per week for 26 weeks (and not beyond), after a 7-day elimination period. That $17O weekly maximum is taxable. This equates to $736.67 a month for an individual on disability, which fails to meet all the incurred expenses (doctor visits, prescriptions, etc.), particularly in a high-cost-of-living area like NewYork. GNYADA Has a Solution The GNYADA Insurance Brokerage now offers an enhanced DBL program through ARCH Insurance, an A+ rated company. Area dealerships can provide: • A benefit of either 50% of average weekly wages for 26 weeks or 60% for 52 weeks. • A choice of maximum weekly benefit: $170, $255, $340, $425, $510, $680 or $850 per week. The goal of this new offering is to present dealership employees with much needed security in the event of a disabling injury or illness. To learn more, contact the Brokerage at 718.746.8100.
GNYADA’s Brokerage Brief is published by the GNYADA Insurance Brokerage, a division of GNYADA. The Association is located at 18-10 Whitestone Expressway, Whitestone, NY 11357.
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