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Long-term care insurance rated a worthwhile benefit

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in Compensation and Benefits,Human Resources

If you offer long-term care insurance as a voluntary benefit, you may have heard employees say they hesitate to sign up because it is hard to gauge how valuable the coverage will be years from now, when they actually need to start filing claims.

Will the coverage be worth the premiums? Will benefits be sufficient to pay for meaningful amounts of care?

Reassure employees who may be on the fence about long-term care insurance with new findings from America’s Health Insurance Plans, the trade group that represents health insurers.

According to a survey of the customer experience and satisfaction levels of long-term care insurance policyholders who are already collecting benefits:

  • Nearly 90% of those with long-term care insurance are satisfied with the amount of coverage they purchased.
  • Almost eight in 10 customers found filing a claim to be easy.
  • 89% of consumers reported that they did not need to purchase any additional services not covered by their policy.

Download the full report at ahip.org/wp-content/uploads/2016/09/LifefePlans_LTC_2016_9.9.16.pdf.

{ 1 comment… read it below or add one }

Jim Smith October 11, 2016 at 4:47 pm

Jonathan Pond, Financial Planner, says that 90% of estates are spent this way:
1) nursing home
2) IRS
3) children
4) grandchildren
5) charity

The Federal Deficit Reduction Act provided for every state to have a Partnership program to provide asset protection for those who buy qualified long term care insurance policies. http://www.partnershipforlongtermcare.com/

An alternative are linked products, Life Insurance or Annuities with long term care riders. In most states you can also use your qualified money (IRA/401k) to fund your plan. http://lifeinsuranceltc.com

“Long term care is the largest unsecured risk facing Americans today” – Money Magazine.

If you don’t plan your retirement and aging needs who will?


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