NEWARK, NJ, August 23, 2011 -- Eligible ex-football players have until Wednesday, August 31, to participate in an open enrollment period for Long Term Care Insurance (LTCI). The NFL partnered with Transamerica Life Insurance Company in March 2011 to offer the benefit free of charge to eligible former players.
"I encourage you to apply even if you've previously been denied coverage from another long term care provider as you may still qualify for the benefit under this program," said NFL Alumni Executive Director and President George Martin. "Also, you may even qualify even if you are receiving disability payments."
Some facts about Long Term Care Insurance benefits include the following:
» LTCI provides coverage for assistance to those who become unable to perform activities of daily living due to onset of severe cognitive impairment, accident or chronic illness.
» Vested alumni between the ages of 50 - 75 are eligible to apply.
» Former players who qualify for the benefit will receive coverage at no cost to them -- premiums will be 100% covered by the NFL.
» Qualified spouses may purchase coverage at a discounted rate.
» Ex-players who already have a long-term care insurance policy may still apply for this benefit.
All applicants are required to go through an underwriting process. To date, Transamerica has fielded more than 6,000 phone calls from former players. They've received almost 2,000 applications and the acceptance rate is 75% -- with one in every five spouses also applying.
"I wish that number were 100% and everyone could be approved, but a decision was made to make the benefit available to as many ex-players as possible, and by accepting applicants up to age 75, the decline rate increases," said Martin.