40% of Baby Boomers Answered this Question Incorrectly
Does Medicare cover nursing home care?
Are your clients aware of what is and isn’t covered by Medicare? A survey reported in Money Magazine found that 40% of baby boomers believe Medicare will pay for nursing home stays if they need help with daily living activities such as dressing and eating.1 Unfortunately, that may not be the case.
This is a good reason to talk to your clients about Symetra’s Accelerated Death Benefit for Chronic Care Advantage Rider that’s available on our indexed universal life products.
With this optional rider, policyowners can choose to access a portion of their death benefit (50% or 100%), with monthly payments of either 2% or 4%, if the insured is certified by a health practitioner as being chronically ill.2,3
1 Money Magazine, May 16, 2022. You’ll Need Way More Money Than You Think for Health Care Costs in Retirement.
2 Subject to the maximum daily limit for benefits set by the Internal Revenue Service for each calendar year.
3 Chronic Illness is defined as a person who, during the prior 12-month period, has been certified by a licensed health care professional as being permanently unable to perform at least two of the six activities of daily living, or requiring substantial supervision to protect himself or herself or others from threats to health and safety due to a sever cognitive impairment. “Cognitive impairment” generally means a loss or deterioration in a person’s intellectual capacity and includes diseases like Alzheimer’s and various forms of irreversible dementia. “Activities of daily living” generally means routine daily self-care activities, such as getting dressed, eating, using the bathroom and getting out of bed. Must be annually recertified by a licensed health care practitioner to continue receiving benefits.