Group Long-Term Care Insurance versus Individual Long-Term Care Insurance
Group long-term care insurance is becoming more popular for companies offering it to their employees. Most people believe that because they will receive a group discount that the premiums would be less expensive than if they were to purchase an individual long-term care insurance policy. This may be true in some cases, however in most cases it is not true. It is a good idea to look at the overall package, since many group long-term care insurance policies do not offer the same benefits and features that the individual policies offer and even so, premiums for individual policies do tend to be cheaper.
The greatest advantage of group long-term care insurance is they usually do not require any medical underwriting, therefore people that might not qualify for an individual policy because of their health, group LTC Insurance would greatly benefit those. Therefore, if you are healthy enough to qualify for an individual LTC Insurance policy, they are the better deal - more benefits and usually less expensive.
If you would like to compare your companies group long-term care insurance to an individual policy click here, our insurance specialist will be more than happy to go over both and help you compare to see what would be the better deal for you!