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Beginner’s Guide to Group Long-Term Care Insurance


In their younger years, most people do not consider needing long-term care later in life. However, it is worth considering. Purchasing this insurance when you are young makes it much more affordable. Long term care insurance is purchased as an individual or through a group long-term care insurance plan offered by an employer. 

Should I Invest in Long-Term Care Insurance?

If your employer offers you the option to purchase group long-term care insurance, it could be wise to take advantage of the offer. It is impossible to know the extent of care you may need in the future, but with this insurance, your quality of life can be far superior. The older you are, the more long-term care insurance will cost. You may think when you reach age 65 and are eligible for Medicare that you are covered, but this is not true. Medicare will pay for care in a skilled nursing facility for up to 100 days and does not cover years of care in a nursing home or long-term care provided in your own home. 

Is Group Long-Term Care Insurance Affordable?

If your employer offers you the option of purchasing group long-term care insurance, you should consider buying in. If something unexpected occurs, such as becoming incapacitated, medical and nursing care is covered. This insurance can save your family members from the costs associated with caring for you. 

We would all prefer to live long, healthy lives, never have an accident, and never develop a serious illness, condition, or disease. Insuring against these risks will not only protect you and your health, it will also protect your loved ones and your savings. 

What Does Group Long-Term Care Cover?

Group long-term care insurance covers a range of the care needed for people who are disabled or have developed a serious illness or condition. The types of services the policy covers include:

  • In-home care
  • Nursing home care
  • The cost of an assisted living facility
  • Adult daycare center costs
  • Chronic illness care
  • Degenerative disease care

Statistics tell us that about half of those who have reached age 65 will develop a disability that requires some long-term care support. Your health insurance will not cover long-term care. You can only access government long-term care programs after exhausting all or most of your savings. Ensuring you participate in a long-term care insurance program offered by your employer simply makes good sense. 

It will protect your savings for your loved ones and provide you with the support you need in the later phases of your life. Most people agree that they would prefer in-home care to nursing home care if possible, and a long-term care insurance policy allows this freedom.

What Types of Long-Term Care Policies Are Available?

Every long-term care insurance policy is different. The care provided will be limited to a specific length of time, typically one to five years. You need to fully understand a policy before purchasing, as you may decide to buy a private plan rather than paying for a group plan. Some long-term care insurance policies will allow you to cash out or pay dividends on your contributions. If your employer offers you group long-term care insurance, you may want to have the policy explained to you by one of our knowledgeable agents. We can read the fine print and show you any other options on the market that may have better coverage at a lower cost.

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