Long-term care is one of the hottest topics in insurance and around the family dinner table.
 
Individual long-term care (LTC) insurance has been around for a while and although it helps ease the financial pain of long-term care and helps preserve assets, it can be expensive. As a result, many applicants never make it through the underwriting process. That's where group LTC insurance comes in.

For Employers

    Most group LTC insurance is offered as a voluntary benefit.
    You let insurance company representatives
present their products to employees and families during work hours.
    The employees pay the premiums, and your business deducts them, sending the money to the insurer.
    Your costs are minimal, usually requiring only additional payroll accounting and a place and time for the insurance marketers and employees to meet.

Although it has many of the features and advantages of other types of group health insurance, with LTC group insurance offered as a voluntary benefit, employees can ultimately own and pay for the policies, so the cost to your company can be minimal.

Depending on the company offering the insurance, the policies offer several advantages to employees, including:

Greatly reduced underwriting, which helps provide the insurance to many people who otherwise might not have qualified.

Significant family discounts, and even relatives in the extended family may qualify for the plan.

Automatic deductions, so the employees don't forget to pay the premiums and don't have more bills to worry about.

Portable coverage, meaning employees can convert to an individual LTC policy and pay the premiums directly if they leave the company. This also applies to family members.

Cost savings, because the group policy is generally less expensive than individually buying the same coverage from the same insurer.

Tax deductions, depending on state law. Employees may be able to deduct all or a portion of their premiums and may be able to add premiums paid to their unreimbursed medical expenses (if they itemize) for additional deductions.

As more and more major insurers enter the group LTC market, costs are dropping and demand is rising. As a result, LTC coverage is one of the most sought after employee-paid benefits.


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