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.
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:
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.
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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