Group LTCI Discounts
When you buy group LTCI through your employer, you receive group rates similar to what you receive with group health insurance. This means you can get the same great coverage at a lower rate than with individual insurance.
Individual LTCI requires extensive health questions including information on your health history, primary care physician (PCP) and specialist contact information, and a list of all current medications and treatments.
With group LTCI, underwriting only contains a few short health questions. If you answer “No” to all the questions, you receive a certificate of insurance. No lengthy underwriting required.
Convenient Payroll Deductions
Just like you may have other insurance coverages such as voluntary Life and AD&D deducted from your paycheck, group LTCI premium is conveniently payroll deducted each pay period. That means it’s one less bill you need to worry about each month.
The Offer Extends to Your Family
Interested in coverage for you and your spouse? Or are you interested in coverage for your parents or in-laws?
Group long term care insurance offered through your employer can be extended to your family – giving them the same great discounts. The only difference is they must complete full underwriting to get coverage. Special concessions may be available for your spouse. Check with your employer to find out what’s available.
Act Fast During Open Enrollment or New Hire Enrollment Period
Typically, group long term care insurance is only available during one unique enrollment period. You must sign up for coverage during this time to get coverage. If you wait, you may not get access to the same great rates and underwriting concessions.
New hires typically have a defined window in which they must apply. The same rules require you to apply during this time frame before they close enrollment to future enrollees.
When You Apply, You Receive a Certificate of Coverage
With individual LTCI, you receive your own individual insurance policy. With group LTCI, you receive a certificate of coverage. This certificate is portable if you leave the company.
It’s Yours to Keep
Your group LTCI certificate is fully portable if you retire or leave your company for any reason. When you enroll in LTCI, you should take it with you into retirement. Lock in coverage and rates now while you’re young and healthy. You may not get the same great offer if you drop your policy and apply for an individual policy later.
Do you have questions about group long term care or are you interested in having group LTCI offered at your employer? As specialists in individual and group LTCI, we can help. Contact us to learn more.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.