Long-Term Care Coverage

2024 Plan Information

Long-Term Care Coverage

New Benefit for 2024
During annual enrollment (November 3 to 17, 2023), employees may elect long-term care with whole life insurance on the YouDecide site. Underwritten by Allstate, the policy will be effective January 1, 2024. This coverage is fully portable, meaning you may take your coverage with you if you leave the Firm or when you retire – and the plan design and pricing remain the same for the life of the policy as long as you continue to pay your premiums on time.

Want to learn more about long-term care insurance or have questions? Sign up for a webinar or call Allstate at 844-235-3352, M-F, 9 am to 6 pm ET.

Why Long-Term Care Insurance
With home health care costing around $43,000 a year1 or more and expected to increase, long-term care insurance can help pay for a range of services when you are unable to care for yourself: from help at home with meal preparation, housekeeping, bathing and dressing to assisted living facilities and round-the-clock skilled nursing care. These services are not covered by health or disability insurance or Medicare, so long-term care planning should be an important part of your financial plan. Allstate’s long-term care benefits help protect your retirement savings, ease the burden of caregiving by your loved ones and lets you choose the setting where you receive care.

On January 1, 2024, you are aged 18 to 70 – and are employed by Morgan Stanley (this includes employees who are on paid family or parental leave, considered actively at work by the Firm, and the leave is not related to a personal health condition or recovery, other than regular parental leave for child birth).2

Who You May Cover and Amounts

  • Yourself – Up to $200,000
  • Your spouse/domestic partner – $10,000 to $75,000, if they are aged 18 to 70. The coverage amount limits vary based on if your spouse/domestic partner works or doesn’t work. Note: You must elect coverage for yourself to elect coverage for your spouse/partner.

Evidence of Insurability
If you and your spouse/domestic partner meet the above requirements, you do not need to answer any medical questions and you are guaranteed coverage.

Cost and Portability
Pricing for this long-term care and whole life insure is based on your age at the time you enroll and guaranteed not increase as you age. To see your cost of coverage, visit the YouDecide site.

Two-in-One Policy

  • Long-Term Care Benefit – Receive 6% of your selected whole life insurance amount each month you receive long-term care – with a maximum amount of 2 times your elected whole life insurance amount. Example: $100,000 of life insurance would pay $6,000 per month in long-term care benefits with a total lifetime long-term care benefit of $200,000.
  • Whole Life InsuranceMoney that can be used any way your beneficiaries choose upon your death, including paying for mortgage or rent, education for children and grandchildren, retirement, family debt and final expenses.

Restoration Benefit
Coverage includes a provision that restores the death benefit and cash value that may be used for any long-term care costs to the original face amount allowing the full benefit to be paid out to your beneficiary.


1 Source: US Department of Health and Human Services.

2 If you are not actively at work, have no payroll deductions or are on leave of absence/long-term disability as of January 1, 2024, your coverage will not be considered active and a new application, at the next open enrollment, will be required.