You typically have two ways you can buy Long Term Care insurance (LTCI): through an insurance agent as an individual or through your employer’s plan if they have one. Buying LTCI through your employer has significant advantages. Consider the following six reasons your employer should offer Long Term Care insurance at work.
1. Fewer Underwriting Requirements
When you buy an LTCI policy through your work, you may have access to unique underwriting concessions. Eligible employees may only need to complete a simplified health questionnaire and may not be required to complete a phone health interview or face-to-face interview for approval of coverage. Fewer health questions mean it’s easier to get coverage without the hassle of full medical underwriting.
2. Discounted Premiums
Employer LTCI programs offer discounts not available in the individual market. Discounts can range based on the insurance company, plan, and who is applying for coverage. Over the life of a policy, the discount and premium savings can be significant!
3. Convenient Payroll Deductions (if applicable)
Some companies offer the convenience of payroll deductions for LTCI premiums. Just like your medical premiums may be deducted from your paycheck, your company may offer to deduct your monthly LTCI premiums and pay the insurer for you. Check with your Human Resources or benefits specialists to find out if this option is available.
4. You Can Take Your Policy with You
Long Term Care insurance is a policy you will take with you into retirement. Your policy is fully portable when you leave the company or retire. If are paying by payroll deduction, your employer will alert the insurance company of your departure. Your premium invoice will be sent to your home to continue paying your premiums. Monthly, quarterly, or annual payment options may be available.
5. Coverage for the Whole Family
Not only are eligible employees provided access to discounted LTCi policies, your family members may be too. Your spouse/partner, parent’s, in-laws, grandparents, and adult children may be eligible to apply for coverage at discounted rates through your company’s plan.
6. An Important Part of Retirement Planning
Just like you contribute to your 401(k) or Roth for your retirement, Long Term Care insurance is another important aspect of retirement planning. A long term care event could quickly wipe out savings or assets if needed for an extended period of time. Long Term Care insurance protects your hard-earned retirement accounts and savings by transferring your risk to an insurer. This coverage offers you and your family peace of mind knowing you’ll be taken care of when you need it.
At LTC Consumer, we help individuals and employer groups get the coverage they need for a secure retirement. Contact us to learn how to get Group Long Term Care insurance offered at your company.