Long Term Care
Universal Life with Long Term Care through Trustmark
Rakuten offers employees access to a voluntary Universal Life with Long Term Care plan through Trustmark. The plan combines permanent life insurance with benefits that may help pay for long-term care services.
This coverage is direct-billed and is not deducted from your Rakuten paycheck.
Voluntary Coverage
Coverage is offered directly through Trustmark.
Two Types of Protection
Permanent life insurance and long-term care benefits in one plan.
Enroll Outside Workday
Enroll directly with Trustmark online or by phone.
Why Is Rakuten Offering Long Term Care?
As we age, the likelihood of needing long-term care increases, and the cost of care can be significant. This benefit is designed to help protect your retirement savings, ease the caregiving burden on your loved ones, and give you greater flexibility in choosing where you receive care.
What Is Long-Term Care?
Long-term care includes medical and non-medical services for people who need ongoing assistance because of a chronic illness, disability, or other health condition. Care may be provided at home, in the community, in an assisted living facility, or in a nursing home.
Someone turning age 65 today has nearly a 70% chance of needing some type of long-term care services and support during their remaining years. Medicare and most medical insurance generally do not cover ongoing custodial long-term care.
Long-term care benefits can help cover eligible costs so you can receive the care you need without relying entirely on personal savings or family members.
Why Is Long-Term Care a Growing Issue?
The growing need for long-term care and the limited coverage available through traditional medical plans have made funding long-term care an important national and state policy issue.
- Most medical and disability plans do not cover ongoing long-term care services.
- Medicare generally does not cover long-term custodial care.
- Medicaid is the primary payer for long-term care services nationally, but financial and other eligibility requirements apply.
- Without coverage, individuals may need to use personal assets to pay for care.
Two Types of Protection in One Plan
Trustmark’s Universal Life with Long Term Care plan combines permanent life insurance with long-term care benefits.
Permanent Life Benefits
- Provides a benefit to your beneficiaries at the end of your life
- Allows you to elect coverage up to a specified amount without answering medical questions
- Offers level premiums that do not increase with age
- Provides portable coverage if you leave Rakuten
Long Term Care Benefits
- Allows you to access 4% of your death benefit each month for up to 25 months to pay for eligible long-term care
- Includes a benefit restoration rider that restores the death benefit reduced by long-term care payments
- Gives you flexibility in choosing how and where eligible care services are provided
How the Long Term Care Benefit Works
For example, a $100,000 death benefit could provide:
$4,000 per month for up to 25 months
The benefit restoration rider may restore the death benefit reduced by long-term care payments, potentially doubling the total available benefit.
Refer to the Trustmark Benefit Details and FAQ for complete coverage provisions, eligibility requirements, limitations, and exclusions.
Enrollment Options
You do not enroll in this benefit through Workday. Choose either of the options below to enroll directly with Trustmark.
Enroll Online
Use the Trustmark enrollment website to review your options and enroll.
Enroll by Phone
Licensed Counselors are available Monday-Friday, 6:00 a.m.-4:00 p.m. Pacific Time. No appointment is required.
What You Will Need
Because this benefit is direct-billed, have the following information available when enrolling:
- Bank name
- Bank account and routing numbers
- Beneficiary’s name
- Beneficiary’s date of birth
- Beneficiary’s address
Resources
Informational Video
Learn more about the plan benefits and enrollment process.
Passcode: RakutenLTC2024!
Benefit Details and FAQ
Review the program details with your family and determine whether this coverage is right for you.
Frequently Asked Questions
Will this benefit be deducted from my paycheck?
No. This is a voluntary, direct-billed benefit and will not be deducted from your Rakuten paycheck.
Do I enroll through Workday?
No. You will enroll directly with Trustmark online or through the dedicated call center.
How do I enroll?
You can enroll through the Trustmark enrollment website or call a Licensed Counselor at 888-448-9694. Counselors are available Monday-Friday, 6:00 a.m.-4:00 p.m. Pacific Time.
What information do I need to enroll?
Have your bank name, account number, and routing number available, along with your beneficiary’s name, date of birth, and address.
Who can I contact with questions?
Call a Licensed Counselor at 888-448-9694, Monday-Friday, 6:00 a.m.-4:00 p.m. Pacific Time.