Long-Term Care Insurance

2020 Plan Year Information

Long-Term Care Insurance

Paying for care in your retirement may mean spending the money you’ve saved over the years. And though your Morgan Stanley-provided disability insurance may protect you for a time, you may owe more than anticipated if you need extended care. That’s where Long-Term Care insurance can help.

What Is Long-Term Care Insurance?
Long term care is a variety of services and supports to help meet your needs over an extended period of time. A Long-Term Care Insurance policy can cover the assistance you may need if you’re unable to care for yourself due to aging, a chronic illness or an accident or injury. It can help you and your family protect your assets by giving you control over where you receive care – including in your own home – and relieve loved ones from providing for your care.

Why Purchase Long-Term Care Insurance?
Long term care costs are on the rise. Nationally, home care from a home health aide averages $21 per hour. While getting care at home you will still have ordinary home and living expenses. The national average for a private room in a nursing home is $90,520 annually. By 2035, this amount is expected to rise to more than $275,500.

Discounted rates. As a Morgan Stanley employee you receive a 10% discount off of MassMutual’s regular premiums. Plus, if a family spouse or covered partner also signs up for coverage, you both can receive discounts of up to 30% of the regular premium price.

Your policy cannot be cancelled as long as premiums are paid on time.

Your policy is portable, so if you leave the company or retire, all applicable discounts and benefits will remain in place.

Your premiums are tax advantaged. With SignatureCare policies, the premiums you pay for a tax-qualified policy are treated as an itemized medical expense for tax purposes, subject to certain limits. And, any benefits that are paid under your policy are generally not considered part of taxable income.

Who Can Purchase a Policy?
Morgan Stanley employees age 40 and older and the family of Morgan Stanley employees, which includes your:

  • Spouse or domestic partner
  • Parents
  • In-laws
  • Grandparents
  • Step-parents
  • Step-grandparents and
  • Adult children

How Does it Work?
You can purchase a discounted Long-Term Care Insurance policy on an individual basis, that is, you own the policy even if you leave Morgan Stanley. The cost is primarily based on your age and health when you apply for coverage. The younger and healthier you are when you enroll in coverage, the lower your premiums will be.

How and where you receive care, as well as the coverage amounts, depend on your base policy design. And each policy is highly customizable with additional buy-up options to meet your lifestyle and financial needs. In order to be eligible to receive the Morgan Stanley Discount  you must contact our endorsed partner Lenox Advisors. To learn more and receive a quote call a Lenox Advisor.