You have worked hard and saved a lot of your money through the years. If you are the victim of an accident or illness that prevents you from performing your daily activities, then you will need help. An estimated 70% of the population will need this type of long-term care help in their lifetime. The cost of this care can be astronomical, especially if you are paying out of pocket. If group long term care is an option, it may be the most affordable. This will give you a policy at a lower rate than individual or family policies offer.
What is Group LTC Insurance?
Group LTC insurance is provided by your employer. There may be other options as well such as a church insurance plan, union, or freelancers organization depending on what you do or did for a living. This insurance is also available if you own your own business and have 3 or more employees. In some cases, this can be a solid alternative for individuals who own their own small freelancing business as opposed to seeking out insurance on their own.
How is it Different from Standard LTC Policies?
Group LTC has a few differences when compared to standard or individual long term care plans. The first are the questions. A group LTC plan can actually contain disqualifying questions. These questions could keep you from getting all or part of the coverage options available on the group plan. The benefit options will also be limited. An individual plan will offer hundreds of options and different ways of connecting those options. In other words, you have more freedom with your individual long term care plan than with a group plan.
This makes many people question why they should get a group plan. The truth is, the driving reason behind group LTC plans is the ability to save money and obtain needed and basic long term care coverage.
What does Group LTC Cover?
Group LTC insurance will cover your basic long term care issues. You can count on it to cover a portion of your long term care daily costs and stay if you need to stay in a residential care facility. However, things like in home care and other related options may not be available. Group LTC is starting to carry more and more, but overall it is to cover the basics in standard situations rather than special considerations and circumstances.
How do I get Group LTC Coverage?
Getting Group LTC coverage is fairly easy. Your employer should have a way of reaching out to order the insurance. Keep in mind there may be only certain times of the year that you can enroll. You'll need to check with them on the actual deadline. If you own your own business, then you can contact an insurance provider to find out about their group insurance, how to sign up, and any rates that you should be aware of. Either way, signing up is as easy as filling out the paperwork and the questionnaire.