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Long Term Care Provider To Discontinue Benefit in July 2013
Durham, NC - Prudential, which manages Duke's long-term care insurance plan, recently notified Duke that it will discontinue sales for group long-term care insurance.
However, Prudential will continue to support policies for the 1,200 Duke faculty and staff members who currently have long-term care. Long-term care covers expenses incurred in skilled and intermediate nursing homes as well as home health care and adult day care expenses.
Coverage through Prudentialâs current plan is guaranteed renewable, meaning the terms and conditions will not change as long as premiums are paid on time and benefits are not exhausted. Premiums for Duke faculty and staff are guaranteed through Aug. 31, 2015, and can continue to be paid through payroll deduction. After that date, premiums may change, subject to regulatory review.
"We have changed providers three times in the last several years because so many companies are getting out of the business of group sales for long-term care due to increasing exposure to risk," said Kyle Cavanaugh, vice president for administration. "Those who have coverage can continue to keep it, but as of next July, long-term care will only be available directly through external providers through individual policies."
For those who wish to enroll in long-term care insurance, the benefit will continue to be offered to Duke faculty and staff until June 30, 2013. Newly hired employees can obtain coverage during their initial eligibility period without having to complete a medical questionnaire for evidence of insurability. Medical questionnaires are required for faculty and staff who have passed the initial period of eligibility for benefit enrollment after being hired.
For more information about Duke's long-term care benefit, visit the Human Resources website or contact Prudential's Long-Term Care Customer Service Center at 1-800-732-0416.
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