Health plans like the Morgan Stanley Medical Plan and Medicare generally cover the majority of potential medical costs, but not many of the costs associated with long-term care. If you (or your insured family member) become unable to care for yourself due to aging, illness or injury, Long-Term Care Insurance will pay a monthly benefit to use toward long-term care services, based on the insured individual’s policy.

Long-term care services include services such as nursing care or in-home care, and range from help with daily tasks such as bathing and eating to hospice or end of life care.

Employees and family members may purchase an individual policy as long as the insured person is over age 40 – at a discounted rate. Single enrollees receive a 10% discount, and couples receive a 30% discount. Because rates increase as you age or if your health declines, sooner is better when it comes to purchasing long-term care insurance.