Humana offers new long-term care insurance plan

Humana Inc. (NYSE: HUM) today announced it has begun piloting a new long-term care insurance offering that provides an affordable alternative to traditional long-term care coverage. The plan offers benefits with the flexibility to ensure individuals have access to the resources they need in the case of chronic illness.

About 70 percent of Americans will need help with care - at home or in a facility - after age 65. The new HumanaOne Independent Care Plan helps individuals plan for these needs. Unlike most traditional long-term care coverage, this plan allows the flexibility and the freedom to choose who and how you pay for assistance with day-to-day needs. Humana's goal is to offer people as many options as possible to help them navigate their changing health needs and maintain lifelong financial, physical, and emotional well-being.

With the Independent Care Plan, policyholders will receive benefits in the form of monthly cash payments, which they can use to pay for care from any source that they feel comfortable with - not just nursing home care. A policyholder with this coverage can use the funds to cover their particular needs, such as engaging an aging-assistance concierge service, paying for groceries and pet care or reimbursing a neighbor who assists with daily living tasks.

"Humana is committed to answering the demand from today's baby boomer population looking for independence and peace-of-mind as they face their health care future. This new offering delivers solutions that free individuals of the traditional restraints of long-term care coverage and put them in the driver's seat," said Fred Wheeler, Jr., HumanaOne vice president of sales. "With this offering, we'll be able to offer policyholders the autonomy to make their own choices and the funds they need to achieve the well-being they desire."

The pilot has launched in six states: Kentucky, Ohio, Michigan, North Carolina, South Carolina and Tennessee. The straightforward plan is available to individuals who want to plan for their future and control their own health choices and seek to alleviate the pressure from out-of-pocket health-related expenses that can quickly accumulate. Policyholders eligible to begin receiving payments must receive certification of their chronic condition from a licensed health care practitioner.