Before diving into the specifics of Thrivent’s offering, it’s essential to understand what long-terms care insurance (LTC) is and why it’s so important. Long-term care insurance helps cover the costs associated with care needed for individuals who cannot perform daily activities such as bathing, dressing, eating, and mobility due to aging, illness, or injury. This type of insurance provides financial assistance for services such as in-home care, nursing home care, and assisted living facilities.Without long-term care insurance, the costs of such services can be overwhelming, often depleting a person’s savings and leaving families in difficult financial situations.
Why Consider Thrivent for Long-Term Care Insurance?
Thrivent is a financial services organization that operates on a Christian membership model. It has a long history of offering products that align with Christian values, including life insurance, annuities, and investment services. One of the key reasons many people choose Thrivent is their focus on financial products that integrate faith, generosity, and community support. This philosophy extends to their long-term care insurance as well.
Here are a few reasons why Thrivent long-term care insurance is worth considering:
- Financial Stability: Thrivent has an A++ rating from A.M. Best, which indicates superior financial stability. This rating is critical when considering long-term care insurance, as it assures policyholders that the company will be able to fulfill its obligations when the time comes.
- Tailored Plans: Thrivent offers customizable policies that allow you to choose the type and amount of coverage that best suits your needs. This ensures that you’re only paying for what you need, avoiding unnecessary costs.
- Mission-Driven Focus: Thrivent emphasizes the importance of values-based decisions. Their products are designed not only to provide financial security but also to encourage generosity, faith-based decision-making, and support for family and community.
Key Features of Thrivent Long-Term Care Insurance
Thrivent long-term care insurance policies offer a variety of features designed to meet the specific needs of policyholders. These features ensure flexibility, value, and financial security in the long run.
1. Coverage Options
Thrivent offers a range of coverage options depending on the needs of the individual or family. Policyholders can choose from a variety of care settings, including:
- In-Home Care: Coverage for care provided in your own home, such as personal care assistance, homemaker services, and skilled nursing care.
- Assisted Living Facilities: Coverage for care in a community designed to help individuals with daily activities.
- Nursing Home Care: Coverage for more intensive care services provided in a licensed nursing facility.
- Adult Day Care: For individuals who require care during the day but can still live at home, adult day care services are an option.
2. Benefit Amount and Duration
With Thrivent, policyholders can select a daily benefit amount, which is the amount the insurance will pay out per day for covered services. Additionally, they offer flexibility in the benefit duration, allowing customers to choose how long they want the benefits to last.
- Daily Benefit: This can range based on individual needs. It’s important to consider the cost of care in your area when selecting the daily benefit.
- Benefit Duration: Options typically range from 2 years to 5 years, or even longer, depending on the policy.
3. Inflation Protection
One of the most important features to consider in any long-term care insurance policy is inflation protection. Long-term care costs are expected to rise in the future, and inflation protection ensures that your benefits keep up with those rising costs. Thrivent offers several options for inflation protection, including simple inflation protection and compound inflation protection.
4. Elimination Period
The elimination period is the amount of time you must wait after qualifying for long-term care services before your benefits begin to pay out. Thrivent offers flexibility here, with typical elimination periods ranging from 30 to 90 days. The shorter the elimination period, the higher the premium, but it allows you to start receiving benefits sooner.
5. Shared Care Option
Thrivent offers a Shared Care option, which allows spouses to share their long-term care benefits. This can be a great way to maximize coverage and reduce overall costs. If one spouse uses up their benefits, they can dip into their partner’s benefits if needed.
6. Optional Riders
Thrivent also offers optional riders that allow you to customize your policy further. Some of these riders include:
- Nonforfeiture Benefit Rider: Ensures that if you stop paying premiums after a certain number of years, you won’t lose your entire coverage.
- Return of Premium Rider: In some cases, if you don’t use the policy, this rider allows for the return of premiums paid into the policy, either to you or to your beneficiaries.
Benefits of Thrivent Long-Term Care Insurance
1. Peace of Mind for Families
Perhaps the most significant benefit of long-term care insurance is the peace of mind it brings to families. Knowing that care costs will be covered can relieve stress for both the individual receiving care and their loved ones, who might otherwise be burdened with managing or paying for long-term care.
2. Protecting Assets and Savings
Long-term care costs can quickly drain personal savings, potentially leaving individuals without sufficient financial resources for other needs. Thrivent’s long-term care insurance helps protect your assets by covering the costs associated with long-term care, allowing you to preserve your savings for other purposes, such as inheritance or retirement.
3. Flexibility in Care Options
One of the standout features of Thrivent’s long-term care insurance is the flexibility in care options. Policyholders can choose the type of care that best suits their needs, whether it’s in-home care, assisted living, or nursing home care. This flexibility ensures that individuals can receive the care they need in the environment that’s most comfortable for them.
4. Tax Advantages
Premiums paid for long-term care insurance may be tax-deductible, depending on your age and income level. Additionally, the benefits received are generally tax-free, making it a tax-efficient way to plan for future care.
Is Thrivent Long-Term Care Insurance Right for You?
While Thrivent offers a strong product, it may not be the right fit for everyone. Here are some factors to consider:
- Affordability: Long-term care insurance premiums can be expensive, especially if you wait until later in life to purchase a policy. It’s essential to consider whether you can afford the premiums both now and in the future.
- Health Status: Your health status plays a crucial role in determining whether you qualify for long-term care insurance. Thrivent, like most insurers, requires a medical underwriting process, which means individuals with pre-existing conditions may not qualify for coverage.
- Age: The younger you are when you purchase a policy, the lower your premiums will be. It’s generally a good idea to consider long-term care insurance in your 50s or early 60s.
Conclusion
Thrivent long-term care insurance offers a comprehensive and customizable option for individuals looking to plan for future care needs. With its strong financial stability, mission-driven focus, and flexible coverage options, Thrivent provides peace of mind to policyholders and their families. However, like all financial products, it’s important to carefully assess your individual needs, financial situation, and health status before making a decision. If you’re seeking long-term care insurance from a company that aligns with Christian values and has a long history of financial reliability, Thrivent is a strong contender.
Frequently Asked Questions About Thrivent Long-Terms Care Insurance
1. When should I buy long-terms care insurance?
It’s generally recommended to purchase long-term care insurance in your 50s or early 60s when premiums are more affordable, and you’re more likely to be eligible for coverage.
2. What happens if I never use my long-term care insurance?
With optional riders like the return of premium rider, some or all of your premiums may be returned to you or your beneficiaries if you don’t use the policy.
3. Can I customize my Thrivent long-term care insurance policy?
Yes, Thrivent offers customizable options, including different daily benefit amounts, benefit durations, inflation protection options, and additional riders.
4. Does Thrivent long-term care insurance cover Alzheimer’s and dementia?
Yes, Thrivent long-term care insurance covers conditions like Alzheimer’s and dementia, as long as the individual meets the policy’s qualifications for receiving care.
5. How do I qualify for benefits under my policy?
You qualify for benefits when you are unable to perform at least two of the six activities of daily living (ADLs) or when you suffer from cognitive impairment that requires supervision.
6. Can I share my long-term care benefits with my spouse?
Yes, Thrivent offers a Shared Care option that allows couples to share their long-term care benefits.
