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Chubb Long-Term Care

Chubb Long Term Care Insurance + Life Insurance Plans

Long-Term Care (LTC) + Life Insurance Benefits

VMware is pleased to announce, in partnership with Chubb, a new Long-Term Care (LTC) benefit to help you and your family address potential long-term care needs.

All benefits eligible active full-time and part-time  employees between the ages of 19-70 are eligible to enroll. Ages 71 – 80, maximum amount allowed is $50,000. Additional underwriting is required.

While the Chubb offering includes a life insurance component, it will not replace your existing group life insurance – you can be enrolled in both plans.

Since this is a voluntary benefit, you will be responsible for 100% of the premiums for this plan. The costs are based on factors such as age and the amount of coverage desired. The premiums will be deducted on a post-tax basis. You will have an opportunity to model costs in the Chubb enrollment tool.

Chubb provides a portal where you may sign up for this program; it will not be through Workday Benefits. Emails will come from VMware@ltcipartners.com. It is safe to open these emails and any links provided within the message.

If you currently have LTC coverage, this new plan offering has no impact on your existing coverage

Why is Long-Term Care Planning Important?

Long-term care (LTC) planning is an important aspect of a personal financial plan. LTC services are not covered by your Health Insurance, Disability Insurance, or Medicare. The average cost of care is $43,000/year or more. LTC benefits help protect your retirement savings, ease the burden of caregiving by your loved ones, and allow you to choose the setting in which you receive care.

How does the Chubb program work?

The Chubb program offers one policy with two benefits – life insurance coverage for your family and long-term care benefits if you need them. Employees can select up to $150,000 of life insurance. If you need long-term care, your policy will pay 4% of the selected life insurance amount per month for long-term care services. The policy will continue to help pay for LTC services for up to 75 months. See the example below.

Example: If your selected life insurance benefit is $100,000, your monthly LTC benefit would be $4,000 and your total long term care benefit would be $300,000.

Note: For VMware employees who may have elected LTC under Genworth when the program was offered several years ago, you may supplement your existing coverage with the Chubb program. The Chubb program is not meant to replace your existing Genworth LTC coverage.

For questions or one-on-one consultations call 888-551-1770