Episode: Small Employer Group Long Term Care
The American Assoication for Long Term Care Insurance put together this short video talking about employer Long Term Care Insurance plans which may be available for an employer.
This brief video will focus on long-term care insurance planning, and some benefits available for small employer groups. Hi, my name is Jesse Slome. I'm Director of the American Association for Long-term Care Insurance, and since 1998, our focus has been on educating consumers, employers, and insurance professionals about ways to effectively plan for longterm care insurance. After watching this video, if you have any questions, please speak to the agent who sent you the link, or feel free to call our organization.
Today, small employer groups enjoy benefits that may not be available to the rank and file individual applying for long-term care insurance, and the word may is very important. Some of these benefits are discounted premiums, meaning that the cost is going to be slightly lower, simplified health underwriting, depending on the insurance company. They may accept more applicants than would be accepted under normal individual circumstances. Unisex rates, this is important. Traditional long-term care insurance today charges single women more than single men, anywhere from 20 to 40%. Some group plans still offer unisex rates where single women pay the same as single men.
Tax Advantages, this could be very significant. Depending on how the business is set up, the premiums could be as much as 100% tax deductible. Lastly, I don't like using the word discriminate, but with group plans, you may be selective in terms of who is included and who is not. But, rules apply and you really need to get expert help.
How small can you go? Well, it may be possible to go to as few as five lives or up. Spouses may be included and can be covered, but again it varies from individual company to individual company, and that's why we recommend that you speak to a knowledgeable long-term care insurance specialist who's really familiar with all of the different insurance companies that focus on the group, and the small group marketplace. To do that, if you fill out the little quote form on the association's website, we will send your information just onto one specialist. You will not get calls from multiple people, just one person who knows the products available in the state that your company is based in. The best way to do it is to go to our website, AALTCI.org/group, and there you'll see this form to fill out.
Thanks again for watching. If you'd like information about long-term care insurance for the employees of your small group, or even yourself and the owners, what I suggest you do is speak to an endorsed long-term care insurance professional from the association. Visit our website again, AALTCI.org/group. Complete the form and you'll be connected with just one specialist. Thanks.