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Custom Care II
Monthly Benefit Options
$1,500-$15,000 in $100 increments. If
age 80-84, select $1,500-$7,500 in $100 increments
Daily Benefit Options
$50-$500 in $10 increments. If age
80-84, select $50-$250 in $10 increments
Benefit Period
Choose the minimum period you would
like your benefits to last: 2 years; 3 years; 4 years; 5 years; 6 years;
10 years; lifetime.
To
determine your policy limit (pool of money), multiply your selected Daily
or Monthly Benefit by the number of days or months in your Benefit Period.
Elimination Period
Choose the number of days that you
elect to pay before your policy benefits begin: 30, 60, 90, 180, or 365
days.
Your
Elimination Period must be satisfied only once during the life of your
policy.
If you
receive care at home one or more days per week, seven days in that week
will be applied toward satisfying your Elimination Period.
Inflation Protection
You can elect to build an annual
benefit increase into your policy to keep up with rising long-term care
costs. Chose one of the following:
Enhanced
Guaranteed Purchase Option (GPO)
Available every three years if you do
not choose one of the simple or compound inflation options. GPO provides
an offer to increase your Daily or Monthly Benefit and your Policy Limit
by either 5%, 10%, or 15% of the original amount without evidence of
insurability. You will also have a one-time option to change your
inflation protection to 5% compound at age 65 without any evidence of
insurability.
5/5%
Simple Inflation
Each year, both your Daily or Monthly
Benefit and your Policy Limit will increase by 5% on a simple basis.
5/3%
Compound Inflation
Each year, your Daily or Monthly
Benefit will increase by 5% and your Policy Limit will increase by 3% on a
compounded basis.
5/5%
Compound Inflation
Each year, both your Daily or Monthly
Benefit and your Policy Limit will increase by 5% on a compounded basis.
Payment Options
In addition to the traditional
options, you may choose a 10-pay or a Paid-up at 65 option (available up
to age 55), whichever meets your needs.
Premium Discounts
Partner
Discount
Your policy premium will be reduced by
15% if you have a partner and by 30% if both you and your partner have
applied and both of you are approved for coverage.
Family
Discount
When you and two other family members
own separate John Hancock individual long-term care insurance policies,
you will receive a 5% discount.
Stay at Home Benefit
This benefit is in addition to your
core long-term care coverage (which covers you at home or in a facility)
and provides extra funds to pay for home modifications, durable medical
equipment, caregiver training, home safety checks, provider care checks,
and medical alert systems. The amount available for this benefit is equal
to the Monthly Benefit selected (or 30 times that Daily Benefit selected)
on a lifetime basis. This benefit is not subject to the Elimination
Period, and Stay at Home benefits paid do not count toward the Elimination
Period. This benefit does not reduce your policy limit.
Care Advisory Services
You can
select an independent professional of your choice to assist you in
determining the care and treatment that’s right for you. This benefit is
available to you up to the Care Advisory Services amount. This amount is
equal to 1/3 of the Monthly Benefit selected or 10 times the Daily Benefit
selected per calendar year. This benefit can be paid before the
Elimination Period is satisfied. Care Advisory Services benefits paid do
not count toward the Elimination Period. This benefit does not reduce
your policy limit.
Respite Care Benefit
Respite care is short-term care
designed to provide temporary relief to the primary caregiver. We will
pay for respite care up to 21 days per calendar year. This benefit is
payable during your elimination period but does not reduce the number of
days in you elimination period. This benefit reduces you policy limit.
Once you have satisfied your elimination period, if you need respite care
it will be covered under your LTCI benefit.
Bed-Hold Benefit
Your room will be reserved if you need
to temporarily leave the facility for any reason. This benefit pays
to reserve your room up to 60 days per calendar year. This benefit
reduces your policy limit.
International Coverage
Receive
100% coverage up to your Daily or Monthly LTCI Benefit amount for care
Anywhere in the world for up to one year.
Waiver of Premium
Your
premiums will be waived once you satisfy your Elimination Period and begin
receiving benefits. They will continue to be waived until benefits are no
longer payable or your policy ends.
Care Provider Discounts
Our
Advantage List stretches your benefits with provider discounts from
thousands or long-term care providers throughout the country.
Free-Look Period
You have 30 days to review your policy. If you decide it’s
not for you, simply return it to John
Hancock and we will refund 100% of your premium.
Optional Benefits
Partner Coverage
Shared
Care
This feature allows you to use your
partner’s benefits when yours are exhausted. If one of you dies, the
surviving partner’s benefits will increase by the deceased partner’s
remaining benefit dollars. The surviving partner’s premium will be
reduced by the cost of the Shared Care Benefit.
Survivorship and Waiver of Premium Benefit
When both partners have held a policy
for 10 years without using it and one partner accesses benefits, the other
partner’s premium is waived. If one partner dies, the surviving partner
will not have to pay any future premium.
Enhanced
Return of Premium
This feature enhances the built-in
Return of Premium benefit, enabling your beneficiary to receive a benefit
equal to your total premiums paid, less any long-term care benefits paid,
regardless of your age at death.
Enhanced Home Care
Waiver
of Home Care Elimination Period
If you receive home health care,
hospice care in your home, or adult day care, your Elimination Period will
be waived.
Additional Case Benefit
This benefit is a separate pool of
funds that assists you in staying at home. The cash benefit is equal to
15% of you Monthly Benefit or 4.5 times your Daily Benefit, and can be
used to pay for a variety of long-term care expenses while you are
receiving home health care. Benefits received may create a taxable
event. Please consult your tax advisor.
Benefit Preservation
Restoration of Benefits
Your full policy limit can be restored
once if you have been receiving benefits and then recover, and need no
care or treatment for 180 days.
Nonforfeiture
If you stop paying your premium after
the third year, your past premiums will still be available to pay for
services.
Added Benefits for Under Age 65
Double
Coverage for Accidents Benefit
If your claim is the result of an
accidental injury that occurs prior to age 65, we will cover actual
long-term care expenses up to two times your current Daily or Monthly
Benefit for the entire duration of the claim. Benefits paid in excess of
the Daily or Monthly Benefit will not be deducted from your policy limit.
This benefit is subject to additional underwriting at time of application.
Return
of Premium
This built-in benefit enables your
beneficiary to receive a benefit equal to total premiums paid less any
long-term care benefits paid, if you die prior to age 65.
All services and benefits listed are
strictly in summary form. Please consult a specimen policy for actual
language. |
