Group Long Term Care Insurance
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If you are an employer or a human resource representative
and are seeking a group long term care insurance plan for your company,
contact us directly at:
Employers may offer group long term care insurance plans to employees.
There are several advantages and disadvantages to a group long term
care insurance depending on your needs and qualification.
 Advantages of Group Long Term Care Insurance Plans:
- You may not have to meet any medical requirements to be obtain
a long term care policy.
- Your relatives may also apply for the policy. Many group long
term care insurance plans allow retirees, spouses, parents, and
parent-in-law to apply for the long term care coverage.
- Some long term care insurance companies will let you keep the
coverage if your employment ends or your employer drops the group
plan.
- Group long term care insurance plans with a high proportion
of young employees and with 20% or better participation, can often
get premiums that are much cheaper than individually underwritten
policies.
Disadvantage to Group Long Term Care Insurance Plans:
- Higher rates for younger people. Because younger people are
grouped in with older or sick and disabled employees in the group,
the average premium for a person under 55 may be higher than an
individual plan.
- Higher administrative costs from insurers are passed to participants.
- Group long term care insurance plans may have restricted benefits.
Healthy employees can miss many advantages and options. To make
the plan more affordable to more employees, the benefit period
may be inadequate and inflation protection may not be offered
or may be also be inadequate.
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