Los Angeles, CA – January 10, 2013: The vast majority of new enrollees into group or employer-sponsored long term care insurance were under age 55 according to a study by the leading industry trade organization.
“A growing number of small and mid-sized business are offering long term care insurance to their employees or the members of their trade group or association,” states Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group that conducts ongoing research on individual and group long term care insurance information.
According to the organization that based findings on data for 16,500 new participants of group plans, the vast majority, some 69 percent, were under age 55 when enrolling in the group plan. “People mistaken believe only older individuals will be interested in long-term care planning and long term care insurance but that is clearly not the case,” Slome explains. “When you take the time to educate people about the very real risk they are likely to face one day and the primary benefits of starting to plan at younger ages, there is great acceptance.”
The Association noted that some 38 percent of new group long term care insurance plan participants in 2011 were between ages 45 and 54. “Over one in five (21%) were between the ages of 35 and 44,” Slome reports. “People understand the three primary benefits of buying long term care insurance through their employer.”
Employer plans typically offer a discounted premium off traditional individual group long term care insurance policies. “The individual may be able to save between five and 10 percent on the very same coverage they would buy on an individual basis,” Slome explains. “The benefits can be obtained even when relatively small employers offer this coverage, even on a voluntary basis.” In addition to discounts, employers may be able to offer employees more favorable health underwriting but Slome points out the discounts and conditions can vary from one insurer to the next.
The Association has an extensive section of its website devoted to employer and group long term care insurance costs and information. Established in 1998, the Los Angeles, CA-based American Association for Long-Term Care Insurance is the national association serving insurance and financial professionals who provide long-term care financing solutions.
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