NEW YORK, May 25, 2022 /PRNewswire/ — On a mission to improve the aging-at-home experience, insurance product and solution innovator HCG Secure, today announced the launch of a groundbreaking and affordable hybrid life and long-term care (LTC) insurance product, Home Life Secure, designed for the majority of Americans without any long-term care protection. The solution is the first of its kind, combining financial security with critical care navigation resources for in-home and senior living care and a residual benefit intended to cover any final expenses for their family.
The product distinguishes itself from existing hybrid Life and LTC insurance solutions with a simplified medical underwriting process, affordable and guaranteed premiums, higher acceptance rates, will and trust planning tools, and integrated relevant planning and support solutions for policyholders as they age.
“92% of Americans have health insurance and yet only 10% have some form of long-term care insurance. When the average out-of-pocket cost of in-home care ranges from $61,000 and up, short and long-term care insurance is no longer a “nice to have” but a must for every American. We designed Home Life Secure to be the most accessible way for the widest range of Americans to maintain financial security as they age,” said Tom Beauregard, CEO of HCG Secure. “Many individuals are shocked to learn Medicare only covers 10% of long-term care needs while the cost of traditional plans and its qualification requirements put it out of reach for most. No one should go into debt, lose savings, or their livelihood simply for aging or having an aging loved one.”
From a study conducted by the National Council on Aging (NCOA), 15 million seniors are financially insecure and more than 65% of Americans will require some form of care as they age. The cost of care is steep as nursing home care can cost in excess of $90,000 per year.
“The consequence of coverage gaps and the inaccessibility of pricing can be profound, from reducing retirement savings to eliminating wealth for future generations,” said Christopher Vojta, MD, Healthcare Advisor. “The industry is shifting to offering patients a much broader set of home and hospice care options as they age, reducing system costs and aligning with people’s desires to avoid institutional care.”
The home is an oasis and aging individuals want the option to stay independent. According to estimates by the U.S. Department of Health and Human Services, 75% of Americans say they want to age at home. To help their employees prepare for retirement, some employers are taking steps to include LTC insurance in their benefits packages.
Craig Maloney, Chief Commercial Officer of Benefitfocus states, “As a benefits administration provider for employers and health plans, we are seeing significant interest in long-term care solutions. Some of the traditional LTC insurance models are costly and difficult to access. We are excited to work with HCG Secure and believe its unique product lines will help drive greater value to individuals and their families while enhancing employer benefit offerings.”
Home Life Secure is underwritten by Guarantee Trust Life, an AM Best A- Rated Mutual Insurer. Policies are designed to be accessible and affordable with coverage amounts ranging from $10,000–$150,000. The vast majority of individuals are expected to qualify, even if they have a medical condition, such as Type II Diabetes. If someone decides to purchase a policy at 55 years of age, they can choose a policy starting at a minimum of $35 per month. Immediately, they can start using the complimentary care navigation resources to plan or coordinate care for themselves or loved ones. If they were to suffer an ailment, the policy would be triggered and they will start receiving accelerated benefits. If they are fortunate and long-term care is not needed, their family will then receive the benefit at the time of passing to cover final expenses and/or be distributed to their loved ones.
As an added benefit, Home Life Secure comes with yearly access to Total Well-Being, a comprehensive assessment that scores your overall well-being in the areas of Life, Health, and Money. Based on results, policyholders gain valuable insights and suggested improvements on how to age with confidence – especially, as their needs begin to evolve.
About HCG Secure:
HCG Secure was founded by healthcare and insurance veterans who all individually have experienced the challenges of supporting loved ones through their aging process. Collectively, they wanted to bring their decades of experience and build solutions directly serving the consumer and minimize the hardships that come with having an aging loved one. HCG Secure innovates with the end customer in mind – providing individuals and families with the resources, support, and navigation to age confidently. They partner with forward-thinking employers, financial services firms and healthcare providers to reach the widest range of Americans with solutions that can be tailored to each Member’s future home care needs. For more information, visit www.hcgsecure.com.
HCG Secure operates as Home Care Genie™.
SOURCE HCG Secure