Human Resources | Benefits | Long-Term Care
Long-Term Care
For unexpected events, as well as the aging process, UNM offers
long-term care (LTC) insurance through Unum.
LTC Basics
LTC insurance covers some or all of the cost of custodial care of
individuals who are no longer capable of caring for themselves. This
type of care covers those affected by accidents, injury, or illness, and
it is not restricted to the elderly.
Eligibility and Coverage
UNM provides, at no cost to the employee, a base benefit of $2,000
per month and 3 year benefit duration to all full-time benefits-eligible
employees after one year of benefits-eligible employment.
Buy-up: Benefits eligible full-time and part-time
employees are eligible to purchase additional coverage for themselves
after being employed for one year at UNM.
- If you purchase additional coverage within 60 days from your
first-year anniversary, you are guaranteed this additional coverage.
Otherwise, you are subject to Unum underwriting approval.
- Coverage for spouses, domestic partners, parents, and grandparents
may also be purchased after a year of employment. Coverage is subject
Unum underwriting approval.
- Additional insurance may be purchased in increments of $1,000 per
month to a maximum of $4,000 per month benefit. You may purchase
benefit durations of 3 or 6 years.
Cost of Coverage
UNM pays $7.66 per month for the base plan for full-time benefits
eligible employees after 12 months of continuous benefits-eligible
employment.
Cost for additional coverage is based on your age at time of
enrollment. Therefore, the younger you are when you purchase LTC
insurance, the lower your cost.
Rates
Your cost is locked in based on your age at the time of enrollment.
Continuation of Coverage
You may elect to continue group LTC coverage offered through Unum at
the same cost after you separate from employment at UNM or retire. You
must elect to continue coverage within 90 days from your separation or
retirement date from UNM.
To request the continuation please contact the UNM Benefits office at 277-MYHR (6947) prior to the 90 day deadline.
