Optional Long-Term Care with Life Insurance

What You Need to Know

Long-Term Care with Life Insurance is a new optional benefit which offers one policy, with two benefits: long-term care coverage, which provides support for activities of daily living (examples: eating, bathing, and dressing) if you need it, combined with life insurance coverage for your designated beneficiary.

What is long-term care insurance?

Not to be confused with long-term disability (LTD), Long-Term Care (LTC) with Life Insurance provides coverage to help with services that are needed when you are unable to care for yourself due to an illness or injury. Services can range from help at home with daily activities, like meal preparation and housekeeping, to personal care services like bathing and dressing. Long-term care is also provided in assisted living facilities, which are home-like settings that offer safety and security, plus nursing homes that provide round-the-clock skilled nursing care.

Back to top

How does it work?

PayPal has partnered with Trustmark to provide this policy, which offers life insurance for your family or designated beneficiary upon your passing and includes an accelerated benefit that can be used to pay for long-term care benefits when you need it. You can access 4% of the selected life insurance benefit per month to help pay for your long-term care needs. The LTC benefit continues paying up to twice the life insurance benefit  amount if you continue to need care. For example, if your life insurance benefit is $100,000, your monthly LTC benefit would be $4,000, and your total LTC benefit would be $200,000. Enrollment and premium payments are made through the Trustmark system and not through YBR. This means that, if you continue to remit your monthly premium payments through Trustmark, you may continue participating in this benefit plan if you leave PayPal.

Back to top

Why should I consider LTC coverage?

During our lifetime, the likelihood of needing LTC coverage increases, and LTC services may be expensive. This optional coverage offers financial security and peace of mind if you or your covered dependents experience physical or cognitive impairments. LTC coverage will help protect your retirement savings, allows you the option to choose the setting in which you receive care, and may ease the burden of caregiving typically taken on by your loved ones.

Back to top

Does my medical plan cover LTC expenses?

LTC coverage is typically not covered by medical health insurance or disability plans, and Medicare provides minimal coverage.

Back to top

Eligibility and enrollment

This new optional plan was open for enrollment from October 10, 2022, to November 11, 2022. Enrollment is now closed. A second enrollment opportunity will occur in 2023. PayPal and Trustmark will announce the enrollment period once the dates are finalized. To be eligible for enrollment, you must be:

  • A full-time employee over 18, working a minimum of 30 hours per week
  • A US resident living within the US
  • Actively at work and not on a leave status (including sabbatical)

Visit the Trustmark site for PayPal employees, or read the FAQ to learn more about this optional plan. You can also contact an LTC Customer Care professional by calling 800-918-8877, Monday through Friday between the hours of 7 AM and 6 PM CT.

Back to top

Washington State LTC mandate

The state of Washington mandated the collection of LTC premiums through payroll withholdings effective July 1, 2023, for required LTC benefits through the state. If you are a resident of the state of Washington, please visit the WA Cares Fund to learn about this coverage.

How the state mandate affects you

Opt-out information

Things to know

How to submit an opt-out waiver

Provider contact information