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Who sells group long-term care insurance?

This depends on what type of group long-term care insurance you are interested in. Group LTC insurance, also known as employer-sponsored LTC insurance, is becoming increasingly popular among employers. There are two main varieties available today – true group policies and multi-life policies. Genworth is the only company currently offering true group policies. Through Genworth, employers can add LTC insurance as a voluntary option for groups of 500 or more employees or as an employer-sponsored program for groups of 150 or more. Because they are the only company offering this type of insurance, Genworth can be selective in which employers they will agree to cover. True group plans offer several advantages. Their simplified underwriting can make it cheaper and easier for employees with pre-existing conditions to qualify, and the size of the premiums on such plans do not vary by gender, age, marital status, or location as they do on individual LTC plans. True group plans can also be converted into individual plans if the employee leaves the company.

Some employers still have true group plans issued by insurers that have since dropped out of the market, which may not allow newer employees to enroll. Generally speaking, if your company has an existing policy that is five years old or more, especially if it is with an insurer no longer offering LTC coverage, it is time to re-evaluate and look for a new long-term care plan.

Multi-life policies are popular with small- and medium-sized companies, though many larger employers are turning to them as well because of the greater variety of carriers that offer them. This type of insurance bundles several individual policies together and offers discounts of 5-10%. These discounts are available to the employee as well as the employee’s spouse, parents, and in-laws. Discounts are typically only available for groups of 10 employees or more. The underwriting on multi-life policies can be lenient like that of a true group policy or it can be done on the basis of each individual applicant. How it is done will depend in part on the size of the group and whether the employer is making any contributions of their own. Multi-life plans offer greater flexibility for employers than true group plans – for example, you can set things up so that certain groups of employees can enroll in plans with employer contributions while others can sign up for LTC coverage as a voluntary option with no employer contribution. Companies offering multi-life policies include LifeSecure and Transamerica.

A study by Genworth shows that four out of five Americans want the option to purchase LTC insurance through work, and 68% of them said that they would buy such a plan if offered. Because they can be offered as purely voluntary, LTC plans can cost an employer little to nothing to implement while offering great benefits to employees, making them something that is definitely worthy of consideration.

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Who sells group long-term care insurance?

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