Long term care, or LTC, is a major financial liability. The vast majority of health insurance plans and Medicare will not cover the costs, leaving many people scrambling to pay out-of-pocket or through Medicaid.
More and more people are looking to avoid this potentially devastating situation by purchasing long term care insurance. Consequently, many employees are looking for jobs that offer group long term care benefits that can reduce the costs of coverage. This long term care review can inform you about a lucrative option along these lines.
Group long term care insurance has many advantages to buying an individual policy from a company. Group rates are cheaper, and the premiums can be deducted automatically from a paycheck. It may not be necessary to have an examination before entering a group policy, so there are fewer restrictions on pre-existing conditions. Also, there is a good chance that you can secure group coverage for a spouse, for children, or in some cases, for parents.
With group long term care insurance, you won't be able to choose between companies like John Hancock, CNA, Genworth (formerly GE), MetLife, Conseco, Pacific Life, Hartford, AETNA or others; you will have to go with the provider chosen by your employer or other group. You will, however, often get to individualize your plan to suit your needs. This can mean specifying the coverage amount you want, or what kinds of care you will be eligible for.
With all these advantages, it's no wonder that many people are looking for employers that offer group long term care insurance benefits. The federal government has been offering group coverage to all its employees for many years. The number of private employers that offer it has risen from about 3% to over 10% in the last decade. Employees can feel more secure about their financial situation when they have long term care insurance, and this can allow them more peace of mind and greater productivity, even when a family member needs long term care.
If you're an employer and you're worried about the costs of publicizing and administering group coverage, you don't need to worry. Major insurance companies cover the cost of marketing the coverage to your employees, and handling much of the administrative work.
Even if you're retired or your employer doesn't offer group long term care insurance, other groups may offer it as a bonus for membership. AARP group long term care insurance is one example. Joining a group plans means a lower long term care insurance rate, and more peace of mind. Find out if your employer or another group you belong to offers this benefit that you can take advantage of. Moreover, get a free long term care insurance quote today and discover the possibilities.
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