USPTA Partners with Paloma Financial, John Hancock to Offer Members Long-Term Care Insurance Options
HOUSTON, May 20, 2014 – The United States Professional Tennis Association (USPTA) announced an agreement with Paloma Financial and John Hancock to offer a discounted, long-term care insurance program to its members.
Hancock’s USPTA-endorsed program provides a 5 percent discount to all USPTA members – and their eligible family members – who apply for long-term care coverage. The program provides valuable benefits in a variety of care settings and gives USPTA participating members a choice when it comes to where care will be administered.
“Along with the health care options we began providing last year, being able to deliver a long-term care insurance program is another tangible benefit of being a USPTA member,” USPTA CEO John Embree said. “Several members have requested this benefit, and we are proud to work with Paloma and John Hancock in order to provide this resource to them.”
Recent studies put the cost of long-term care around $87,000 a year, with costs increasing at around 5 percent annually. That means the cost of care is doubling every 14.4 years, at a time when seven in 10 Americans will experience a long-term care incident prior to death and few Americans own long-term care insurance.
“When given the choice, most people want to have care provided in their home or a community setting in lieu of a nursing home,” said Steve Sandberg of Paloma Financial. “The program we will be offering USPTA members through Hancock helps preserve these choice options should an insured person require care in the future.”
Long-term care is the term used to describe chronic illness or injuries that result in the inability of an individual to perform normal activities of daily living without assistance. Long-term care insurance provides the dollars necessary to pay for daily care needs such as eating, bathing, walking or transferring. Nearly half of those receiving long-term care assistance are under the age of 65.
John Hancock is a respected name in the insurance industry with strong financial ratings and was a pioneer in the long-term care insurance industry. Today, Hancock remains one of the leaders in long-term care insurance coverage.
Paloma Financial is an insurance and financial services organization headquartered in Palm Beach Gardens, Fla., and services the needs of USPTA members nationwide.
For more information on the USPTA endorsed John Hancock Long-term Care Plan, visit www.usptaretirement.com or call Paloma Financial at 888-737-4289.