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Follow on Google News | Employers Face Changed Long Term Care Insurance OptionsThe changing long term care insurance market will change employer options reports Jesse Slome, director of the American Association for Long-Term Care Insurance.
“There is only one insurance company still offering true group long term care insurance to large employers looking to commence a new benefit offering and only one insurer who ceased selling new plans that will allow newly eligible employees to sign up,” explains Jesse Slome, director of the American Association for Long Term Care Insurance. “Larger employers who have previously offered a long term care insurance benefit to their employees have been forced to adopt a new and different approach to this important benefit.” True group long term care insurance generally is available to larger employers, those with 500 or more employees. Policies typically offer some form of guaranteed health insurability or modified health underwriting standards. “In the current low interest rate environment the insurers like MetLife, CNA, Unum and Prudential who once offered true group coverage have ceased offering this option,” Slome notes. “The industry has shifted to ‘multilife’ “For this year’s open enrollment season, employers who have previously offered long term care insurance to their employees really have three options,” Slome says. “Don’ According to the Association, several long term care insurance http://www.aaltci.org/ The American Association for Long Term Care Insurance was established in 1998 to advocate for the importance of planning for long term care and to support insurance and financial professionals who market LTC insurance. To learn more call the organization’ End
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