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Group
Coverage Long Term Care Insurance
Today,
millions of Americans of all ages need a type of assistance called
Long Term Care (LTC). Long Term Care isn't exclusive to the elderly
in nursing homes - it is also required by young individuals that
need assistance with daily living activities due to an unexpected
illness or injury. Long Term Care Insurance can help offset the
costs of this care for employees, their spouses, or parents.
Long
Term Care Insurance is provided on a contributory or non-contributory
basis. A
contributory plan is one that is paid partially or in full (AKA
voluntary plan) by the employee. A non-contributory plan is paid
in full the the employer. The cost for non-contributory plans is
less than contributory plans because there is usually 100% participation
when the employer is paying the premium and carriers favor that.
Employers can also design and fund an inexpensive base plan with
employee paid buy up options, allowing employees to buy additional
coverage that is suitable for their individual needs.
Important
Features of Long Term Care
One
of the things that makes LTC insurance such an attractive benefit
is the flexibility of its design per the employer's needs. The most
common waiting periods are sixty to ninety days and benefit durations
can range from three years to unlimited time; however, guaranteed
issue is usually available for only the three to six year benefit
durations. Benefit levels can range from $2000 - $6000 per month,
with buy up options usually available. Long Term Care Insurance
is also usually Portable, which means that employees can
maintain this insurance even if they should leave employment.
If
you would like to request a quote for Group Long Term Care Insurance,
please click here.
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