Dear Colleagues,
We are excited to announce a new voluntary benefit, open for enrollment from Feb. 17 to March 14, 2025, for those benefits-eligible faculty and staff working 30+ hours/week.
We are partnering with Chubb Insurance to offer Chubb Lifetime Benefit Term with Long Term Care (Life + LTC), designed to help you and your family plan for the high cost of long-term care. Begin the enrollment process now on the Georgetown University portal.
Why Do I Need Long-Term Care Benefits?
Although long-term care is frequently associated with aging, it can also be necessary after serious accidents or severe cognitive impairments. The need for long-term care can arise unexpectedly, due to accident, illness or stroke. Currently, 44% of people receiving longer-term care are under 65 years old. Additionally, your other benefits do not cover long-term care expenses, and the cost of paying privately for a nursing home averages $111,657 per year, with the average stay being three years.
We will be hosting information webinars about long-term care and the Chubb plan on Thursday, Feb. 20 at 10 a.m. and 1 p.m.
What Does This Benefit Include?
Chubb’s Life + LTC benefit offers a dual advantage by combining life insurance with living benefits for long-term care. This policy provides coverage not only for a death benefit but also for custodial care needed for daily activities such as transferring, eating, bathing and dressing. Given that most Americans will require long-term care at some point and with healthcare costs rising, planning ahead is essential.
What Are the Perks of Enrolling Now?
Georgetown University is providing a one-time opportunity to apply for coverage with no health questions asked (Guarantee Issue) up to certain plan limits, guaranteeing faculty and staff ages 19-70 access to coverage. This Guarantee Issue opportunity will not be available for you again in the future.
What If I Currently Have a Policy Through Transamerica?
If you currently have a TransElite UL policy through Transamerica, you may purchase this coverage in addition. For more information on your Transamerica policy contact visit the Benefits website.
Ready to Enroll?
Visit the Georgetown University portal here to learn more about Chubb’s Life + LTC benefit and to enroll. If you have questions, you can speak with a LTC Benefits Expert by calling (877) 286-2852.
Be well,
Charles DeSantis
Associate Vice President, University Benefits & Wellness
Chief Benefits Officer