AARP Long-Term Care Insurance Plan From MetLife Now Available in All 50 States With Maryland Sign-On; Benefits Available for Informal Caregivers Like Family and Friends.Business Editors WESTPORT, Conn.--(BUSINESS WIRE)--April 26, 2000 Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). is the 50th state in the U.S. to approve the AARP AARP, a nonprofit, nonpartisan national organization dedicated to "enriching the experience of aging"; membership is open to people age 50 or older. Founded in 1958 by Ethel Percy Andrus as American Association of Retired Persons, AARP now has over 30 million long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. insurance plan available through Metropolitan Life Insurance Company, making the program available nationwide to AARP members for the first time. MetLife is the largest group long-term care insurance carrier in the nation in terms of in-force business and number of customers insured. "It is significant that the AARP plan is available throughout the country," said Joyce Ruddock rud·dock n. Chiefly British An Old World robin (Erithacus rubecula) having olive-brown upper plumage and a conspicuous orange breast. , Vice President of MetLife's Long-Term Care Group. "AARP has hundreds of thousands of members who might benefit from this product, which can help provide financial and emotional security for older Americans and their families. "With an aging population, and particularly with baby boomers See generation X. beginning to turn 50, the need for more options in long-term care is greater than ever," Ruddock said. "We are confident that our long-term care insurance product helps meet the needs of this important market segment." Among the benefits offered in the AARP/MetLife plan are: Compensation for non-professional/informal caregivers like family, friends and neighbors. Monthly, rather than daily, benefits allowing the insured more flexibility in terms of when they need care. Eldercare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. Consultation Service providing referrals to local, state, federal and community-based programs available from the day the plan is purchased. 100% coverage for Assisted Living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. Facilities with many of the resources of a nursing home in a more residential setting. Benefits for Home Care from nurses, physical therapists, home health aides and homemakers. Other significant benefits of the AARP long-term care plan include lifetime coverage, rates guaranteed for five years and a 10% household discount. Plans are available to include a combination of Home Care, Nursing Home Care and Assisted Living. Also, the AARP plan is intended to be a federally tax qualified long-term care insurance contract. This means premiums paid may be tax deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). . The new plan responds to the growing consumer demand for more flexibility in long-term care insurance by providing benefits not only for nursing home care, but also for home and community-based services preferred by many older persons and their families. Metropolitan Life Insurance Company, a subsidiary of MetLife, Inc., is a leading provider of insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to individual and group customers. The company, with $418.8 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of December 31, 1999, on a pro-forma basis, including the acquisition of GenAmerica Corporation, serves approximately nine million individual households in the U.S. and companies and institutions with 33 million employees and members. MetLife also has international insurance operations in 10 countries. For more information about MetLife, please visit the company's Web site at www.metlife.com. AARP is the nation's leading organization for people age 50 and older. It serves their needs and interests through information and education, advocacy and community services provided by a network of local chapters and experienced volunteers throughout the country. The organization also offers members a wide range of special benefits, including Modern Maturity magazine and the monthly Bulletin. Long-term care insurance specialists are on hand to consult with members who have questions about long-term care and what it means to them. Their telephone number is 800/452-1393. In addition, information about the AARP long-term care insurance plan from MetLife is available on the Internet at http://www.metlife.com/AARP. |
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