More employers, organizations, and associations than ever are providing group long-term care (LTC) insurance for employees or members. With today’s aging workforce, long-term care protection has become a very real concern. A group long-term care insurance plan can provide significant advantages for employers and employees, as well as tax incentives for small businesses, however, you may be able to get equal or better coverage for less money with an individual policy. Get in touch with our agent at CK Insurance Group in Columbus, Ohio, to discuss your company or group’s long-term care insurance needs and to explore individual long-term care insurance options.
Advantages of Group Long-Term Care Insurance
Group long-term care insurance advantages include streamlined health underwriting and discounts. There can also be significant tax benefits for small businesses that offer long-term care insurance to their employees. In larger businesses, LTC insurance can be included in an employee benefits package as part of a strategy to recruit and retain the top talent, contain costs, and enhance employee productivity.
Employer-sponsored long-term care programs can be 100% voluntary, which means the entire premium is paid by the employee. When offered on a voluntary basis, LTC protection can provide significant benefits to employees at no cost to the company. Additionally, employer contributions to group long-term care premiums are deductible as a business expense.
Group Long-Term Care Insurance Discounts
Insurance companies offer premium discounts to employees, spouses, and extended family members on employer-sponsored long-term care insurance plans. Even when the program is 100% voluntary, a group long-term insurance policy can save significant amounts for employees. Contact our agent at CK Insurance Group in Columbus, Ohio, for assistance in providing this important benefit to your employees or members.
When Is Individual Long-Term Care Insurance a Better Choice?
The cost of long-term care insurance offered through your employer may be more than you need to pay. When purchased on an individual basis, many LTC policies offer discounts that can result in substantial savings for good health or including a spouse/partner on the policy.
Good Health Discounts: Depending on your age, the underwriter for the insurance company may request health information for evaluation. If you are in good health, you may qualify for a significant discount, typically 10%. Even if your health changes in the future, you won’t lose the discount.
Spouse/Partner Discounts: Marital or spousal discounts can reduce the amount each individual pays for long-term care insurance by as much as 40%. With combined savings for a couple, the cost may add up to only 20% more than a single LTC policy.
Individual Long-Term Care Insurance Costs
Age is a major determining factor in the cost of individual long-term care insurance – five years can make a significant difference. Other major factors impacting premiums are general health and whether you purchase coverage singly or as a couple. If you are considering individual LTC insurance, our agent at CK Insurance Group can help you find a policy that provides the best benefits and suits your budget.
