Northwestern Mutual Receives Seventh Consecutive Perfect Score on Human Rights Campaign’s Corporate Equality Index

Northwestern Mutual Receives Seventh Consecutive Perfect Score on Human Rights Campaign’s Corporate Equality Index

MILWAUKEE, Jan. 28, 2021 /PRNewswire/ — Northwestern Mutual announced today the company earned a perfect score of 100 for the seventh consecutive year in the 2021 Corporate Equality Index (CEI) survey—a national benchmarking survey administered by the Human Rights Campaign Foundation—which reports on corporate policies and practices related to LGBTQ workplace equality. Northwestern Mutual is among 767 major U.S. companies that participated in this year’s survey that earned top scores this year.

Northwestern Mutual. (PRNewsFoto/Northwestern Mutual)

“As we continue our diversity and inclusion journey, we’re pleased to once again achieve a perfect score on the Corporate Equality Index,” said Amy Hanneman, vice president of diversity and inclusion, Northwestern Mutual. “We encourage our employees to bring their whole selves to work, as it is both our similarities and unique differences that enable us to better serve our colleagues, clients and communities, and we’re committed to continuous progress in this space.”

Northwestern Mutual’s perfect score earns the company the designation of a Best Place to Work for LGBTQ Equality. This year’s report rated over 1,100 businesses on detailed criteria falling under four main pillars: non-discrimination policies across business entities; equitable benefits for LGBTQ workers and their families; supporting an inclusive culture; and corporate social responsibility.

Key findings in the 2020 CEI include:

  • Seventy-eight percent of CEI participants documented that they provide inclusive benefits for same- and different-sex spouses and partners.
  • Ninety-two percent of CEI-rated employers offer a robust set of practices (at least three efforts) to support organizational LGBTQ diversity competency.
  • Ninety-two percent of CEI-rated businesses met the standard of demonstrating at least three efforts of public commitment to the LGBTQ community.
  • Ninety-one percent of all CEI-rated businesses offer transgender-inclusive health insurance coverage.

About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 160 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With $290.3 billion in total assets, $29.9 billion in revenues, and $1.9 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.6 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $161 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 102 on the 2020 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2020.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM)(life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries in Milwaukee, WI. Subsidiaries include Northwestern Mutual Investment Services, LLC (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (investment advisory and trust services), a federal savings bank; and Northwestern Long Term Care Insurance Company.

SOURCE Northwestern Mutual

For further information: William Polk, 800-323-7033, mediarelations@northwesternmutual.com

Source: news.northwesternmutual.com

Northwestern Mutual Named One of FORTUNE Magazine’s World’s Most Admired Companies

Northwestern Mutual Named One of FORTUNE Magazine’s World’s Most Admired Companies

Company honored for the 38th year with top ranking in the financial soundness, long-term investment value, people management, and use of corporate assets categories

MILWAUKEE, Feb. 1, 2021 /PRNewswire/ — Northwestern Mutual, a leading financial security company, announced today it has been named one of the World’s Most Admired Companies in its industry according to FORTUNE’s annual survey for the 38th year. Since 1983, top executives and directors from eligible companies, as well as financial analysts, have determined the companies with the strongest reputations within and across industries.

Northwestern Mutual. (PRNewsFoto/Northwestern Mutual)

Northwestern Mutual secured the number one ranking for the financial soundness, long-term investment value, people management, and use of corporate assets categories. The company also ranked highly in the quality of products/services, social responsibility, and quality of management categories.

“Northwestern Mutual is proud of our exceptional financial strength – which ensured we were prepared to navigate the uncertainties of 2020,” said John Schlifske, Northwestern Mutual chairman, president and CEO. “Our company and advisors have remained focused on our clients to help them become more financially secure – with the confidence that Northwestern Mutual will continue to grow and thrive in the years ahead. We’re proud to once again be named one of the most admired companies in our industry by FORTUNE, which was made possible because of  the hard work of our employees and advisors nationwide.”

To determine the best-regarded companies in more than 50 industries, FORTUNE asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent.

About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 160 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With $290.3 billion in total assets, $29.9 billion in revenues, and $1.9 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.6 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $161 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 102 on the 2020 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2021.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM)(life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries in Milwaukee, WI. Subsidiaries include Northwestern Mutual Investment Services, LLC (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (investment advisory and trust services), a federal savings bank; and Northwestern Long Term Care Insurance Company.

SOURCE Northwestern Mutual

For further information: Meghan Greco, 1-800-323-7033, mediarelations@northwesternmutual.com

Source: news.northwesternmutual.com

What Long-Term Care Insurance Covers

What Long-Term Care Insurance Covers – SmartAsset

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While Medicare and Medicaid both help aging adults afford some of their medical expenses, they may not cover the cost of an extended illness or disability. That’s where long-term care insurance comes into play. Long-term care insurance helps policyholders pay for their long-term care needs such as nursing home care. We’ll explain what long-term care insurance covers and whether or not such coverage is something you or your loved ones should consider.

Long-Term Care Insurance Explained

Long-term care insurance helps individuals pay for a variety of services. Most of these services do not include medical care. Coverage may include the cost of staying in a nursing home or assisted living facility, adult day care or in-home care. This includes nursing care, physical, occupational or speech therapy and help with day to day activities.

A long-term care insurance policy pays for the cost of care due to a chronic illness, a disability, or injury. It also provides an individual with the assistance they may require as a result of the general effects of aging. Primarily, though, long-term care insurance is designed to help pay for the costs of custodial and personal care, versus strictly medical care.

When You Should Consider Long-Term Care Insurance

During the financial planning process, it’s important to consider long-term care costs. This is important if you are close to retirement age. Unfortunately, if you wait too long to purchase coverage, it may be too late. Many applicants may not qualify if they already have a chronic illness or disability.

According to the U.S. Department of Health and Human Services, an adult turning 65 has a 70% chance of needing some form of long-term care. While only one-third of retirees may never need long-term care coverage, 20% may need it for five years or longer. With a private nursing home room averaging about $7,698 per month, long-term care could end up being a huge financial burden for you and your family.

Most health insurance policies won’t cover long-term care costs. Additionally, if you’re counting on Medicare to assist you with these extra expenses, you may be out of luck. Medicare doesn’t cover long-term care or custodial care. Most nursing homes classify under the custodial care category. This classification of care includes the supervision of your daily tasks.

So, if you don’t have long-term care insurance, you’re on the hook for these expenses. However, it’s possible to get help through Medicaid for low income families. But keep in mind, you may only receive coverage after you deplete your life savings. Just know that Medicare may cover short-term nursing care or hospice care, but little of the long-term care in between.

What Does Long Term Care Insurance Cover

So what does long term care insurance cover, Well, since the majority of long-term care policies are comprehensive policies, they may cover at-home care, adult day care, assisted living facilities (resident care or alternative care), and nursing home care. At home, long-term care may cover the cost of professional nursing care, occupational therapy, or rehabilitation. This may also include assistance with daily tasks, including bathing or brushing teeth.

Additionally, long-term care coverage can cover short-term hospice care for individuals who are terminally ill. The objective of hospice care is to help with pain management and provide emotional and physical support for all parties involved. Most policies allow beneficiaries to obtain care at a hospice facility, nursing home, or in the comfort of their own home. However, most hospice care is not considered long-term care and may receive coverage through Medicare.

Also, long-term care insurance can help cover the costs of respite care or temporary care. These policy extensions provide time off to those who care for an individual on a regular basis. Usually, respite care provides compensation to caregivers for 14 to 21 days a year. This care can take place at a nursing home, adult daytime care facility, or at home

What Long-Term Care Doesn’t Cover

If you have a pre-existing medical condition, you may not be eligible for long-term care during the exclusion period. The exclusion period can last for several months after your initial purchase of the policy. Also, if a family member provides in-home care, your policy may not pay them for their services.

Keep in mind, long-term care coverage won’t cover medical care costs. Many of your medical costs will fall under your coverage plan if you’re eligible for Medicare.

Long-Term Care Insurance Costs

Some of the following factors may affect the cost of your long-term care policy:

  • The age of the policyholder.
  • The maximum amount the policy will pay per year.
  • The maximum number of days the policy will pay.
  • The lifetime maximum amount that the policy will pay
  • Any additional options or benefits you choose.

If you’re in poor health or you’re currently receiving long-term care, you may not qualify for a plan. However, it’s possible to qualify for a limited amount of coverage with a higher premium rate. Some group policies don’t even require underwriting.

According to the American Association for Long-Term Care Insurance (AALTCI), a couple in their mid-50s can purchase a new long-term care policy for around $3,000 a year. The combined benefit of this plan would be roughly $770,000. Keep in mind, some policies limit your payout period. These payout limitations may be two to five years, while other policies may offer a lifetime benefit. This is an important consideration when finding the right policy.

Bottom Line

While it’s highly likely that you may need some form of long-term care, it’s wise to consider how you will pay for this additional cost as you age. While a long-term care policy is a viable option, there are alternatives you can consider.

One viable choice would be to boost your retirement savings to help compensate for long-term care costs. Ultimately, it comes down to what level of risk you’re comfortable with and how well a long-term care policy fits into your bigger financial picture.

Retirement Tips

  • If you’re unsure what long-term care might mean to your retirement plans, consider consulting a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • The looming costs of long-term care may have you thinking about how much money you’ll need for retirement. If you aren’t sure how much your 401(k) or Social Security will factor into the equation, SmartAsset’s retirement guide can help you sort out the details.

Photo credit: ©iStock.com/KatarzynaBialasiewicz, ©iStock.com/scyther5, ©iStock.com/PeopleImages

Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
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Source: smartasset.com