Thrivent offers a range of coverage options to cater to individual needs and preferences. Their traditional long-term care insurance policy is highly customizable, allowing policyholders to tailor their coverage according to their specific requirements.
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As we plan for the future, it’s essential to consider the possibility of needing long-term care at some point in our lives. Thrivent Long-Term Care Insurance is a reliable solution that can provide financial coverage for individuals who may require dedicated assistance due to disability, illness, or the natural aging process. With Thrivent’s customizable policies and comprehensive coverage options, individuals can have peace of mind knowing that they have the freedom to choose where and how they receive care when the need arises.
Long-term care insurance is designed to cover the expenses associated with extended care when individuals are unable to fully care for themselves. This type of insurance provides coverage for services such as home care, assisted living facilities, nursing homes, adult day care, and hospice care. By having long-term care insurance in place, individuals and their families can have more control over their care decisions, maintain independence, and alleviate the financial burden that comes with these services.
Thrivent offers a range of coverage options to cater to individual needs and preferences. Their traditional long-term care insurance policy is highly customizable, allowing policyholders to tailor their coverage according to their specific requirements. Additionally, Thrivent offers CareForward, a unique approach that combines elements of long-term care insurance and life insurance, providing individuals with even more flexibility and protection.
Thrivent’s traditional long-term care insurance policy provides coverage for various care settings, including home care, assisted living facilities, nursing homes, adult day care, and hospice care. The policy includes several benefits and features to ensure comprehensive coverage and support for policyholders:
Equipment and home modifications: Thrivent covers the costs of necessary equipment and home modifications to enable individuals to remain in their homes comfortably.
Care coordination services: A dedicated care manager assists policyholders in developing a personalized care plan and monitors their ongoing care needs.
Caregiver training: Qualified healthcare professionals provide training to informal caregivers, ensuring they can meet the specific needs of the policyholder.
Respite care: Thrivent offers respite care services, providing temporary alternative care for the insured individual to give their informal caregiver much-needed time off.
Alternate care benefit: This benefit covers cost-effective alternative care services identified in the policyholder’s care plan.
Bed reservation benefit: If the policyholder needs to temporarily leave their residential facility, Thrivent covers the cost of holding their bed for up to 60 days per calendar year.
International care benefit: Limited benefits are available if the policyholder is outside the United States and receiving qualified long-term care services.
Premium discounts: Thrivent offers a preferred health discount of 10% off standard rates and a couples discount.
Premium waiver: Policyholders do not need to pay premiums while receiving policy benefits.
Contingent Nonforfeiture Benefit: If the policyholder decides to stop paying premiums due to a substantial increase, their coverage will continue as paid-up coverage with reduced benefit maximums.
Thrivent’s traditional long-term care insurance policy also offers flexibility in terms of benefit amounts, premium payment options, and benefit periods. Policyholders can choose a monthly benefit between $1,500 and $15,000, select premium payment terms over 10 years or their lifetime, and opt for elimination periods of 30, 90, or 180 days. Additionally, annual benefit increases ranging from 1% to 5% compounded are available.
Thrivent’s CareForward approach combines long-term care insurance with life insurance, providing individuals with comprehensive coverage and a potential death benefit payout if long-term care benefits are not used. CareForward offers the following features:
Eligibility: CareForward is available to individuals aged 18 to 75.
Premium payment options: Policyholders have the choice of a single lump sum payment, payments over 10 years, payments over 20 years, or payments until age 95.
Face amount and benefit amounts: Policyholders can select a face amount between $50,000 and $500,000, which determines the maximum monthly long-term care benefit and total policy benefit.
Lifetime total long-term care benefit: Policyholders can choose a multiplier of 1x, 2x, or 3x their face amount, determining their maximum lifetime long-term care benefit.
Inflation protection: CareForward offers three inflation benefits options, including 5% compound interest for life, 3% compound interest for life, or 3% compound interest for 20 years.
Comprehensive coverage: Thrivent offers both traditional long-term care insurance and a combined life insurance and LTC product, providing individuals with flexible and customizable coverage options.
Customization: Thrivent’s policies are fully customizable, allowing policyholders to tailor their coverage to their specific needs.
Financial strength and ratings: Thrivent carries A.M. Best’s highest financial strength rating, A++, providing policyholders with confidence in the company’s stability and ability to fulfill its obligations.
Preferred health and couples discounts: Thrivent offers discounts for individuals in good health and couples purchasing long-term care insurance together.
Limited availability: Thrivent’s long-term care coverage is not available in all states.
Faith-based application process: As a Christian fraternal organization, Thrivent requires applicants to sign a statement of faith, affirming their identification with a Christian denomination.
No state guaranty association participation: Unlike traditional insurers, Thrivent cannot participate in state guaranty associations, which provide additional protection to policyholders in the event the insurer is unable to fulfill its contractual obligations.
Thrivent Long-Term Care Insurance is a viable option for individuals who prioritize comprehensive coverage, customization, and the stability of a highly-rated insurance provider. However, it’s important to consider your specific needs, eligibility, and the availability of coverage in your state before making a decision. Consulting with a financial advisor can help you evaluate your options and determine if Thrivent Long-Term Care Insurance aligns with your long-term care planning goals.
Planning for long-term care is an essential part of preparing for the future. Thrivent Long-Term Care Insurance offers individuals comprehensive coverage options and the flexibility to customize their policies according to their specific needs. With Thrivent’s commitment to financial strength and its range of benefits and features, individuals can have peace of mind knowing that they have a reliable and trusted partner in their long-term care journey. You can check your options through Thrivent and other leading LTC companies by working with the unbiased insurance experts at Leverage.
Author
Eric has been a marketer in the insurance and finance space for the past 5 years, with an emphasis on client education and strategic partnerships. He has guided thousands of medical professionals towards the products and services that protect their financial future. A native southerner, Eric has an MBA and MFA from the University of Memphis. In his free time, he enjoys board games with his family, screenprinting, and hunting.
Expert reviewer
Aaron has a Master's Degree in Education and is a former teacher. Since his switch to the financial service industry he has meet with over 6000 physicians and high income earners to talk about asset protection strategies. He's credentialed as a Disability Insurance Fellow(DIF) and specializes on Disability Insurance and Long Term Care policies. His free time is spent with his family and three boys. It would be easy to find him outdoors with a frisbee.
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