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Should I buy Group Long Term Care Insurance? |
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Should a person buy group long term care insurance such as the Federal Long Term Care Insurance program, or buy an individual policy? This is one of the most common questions I hear from individuals researching long term care insurance. The answer is simple...
buy the individual policy every-time. Here's why: for a company to offer coverage for nearly everyone at a company or in the case at the Federal Government, they have to develop a plan that will still be profitable for them even though they cannot screen the applicants as closely. In the Federal Government's group of employees you have people who are very healthy and some who are not so healthy. The insurance company will have to charge a little more in premium and provide less in benefits as a trade off because they are more liberal in their underwriting screening. The #1 benefit these group long term care insurance plans love to cut is Home Health Care which is the best part of a long term care policy. These group long term care insurance plans will cut the Home Health Care Benefit 25% and sometimes up to 50%! They are penalizing you for using your favorite benefit.
Let us do some simple math in this example to show how risky group long term care insurance can be. Say your group LTC policy pays 75% home health care like the Federal long term care policy and your policy benefits have grown to $600 per day down the road. Then lets say that you need to file a home health care claim because you broke your hip and want to recover in your own home where you feel most comfortable. If your group plan pays ONLY 75% home health care you will have to pay 25% or $150 per day out of pocket simply because your group long term care insurance does not cover 100% like the individual side of the market. $150 times 365 days in a year is $54,750 out of pocket you will have to pay. You can double the cost if your group long term care insurance policy covers only 50% for home health care. On a fixed income how great is your group long term care policy now?
Another draw-back of group long term care insurance is the group plans do not offer couple or spousal discounts which can be up to 40% off. If you are gay and have a serious partner that you live with you, you may even collect on the partner discount on the individual long term care insurance side.
The best part is you can go will the exact same companies that sell the group long term care insurance and get a policy that is less expensive and provides more benefits (like 100% home health care) simply if you will let them look into your medical history. The only time it is wise to buy group long term care insurance is when a person has major health problems and can not qualify for an individual policy (which is rare).
Do yourself and your wallet a favor by comparing your group long term care insurance policy with and individual long term care policy and you will be ecstatic you did. At LTCtree.com we work with all of the companies that write group long term care insurance but will will show you the less expensive and greater benefits side in the individual and couple market. You can rest assure that in the end you will have more benefits for less money. Get your individual long term care insurance quotes today by filling out your request below.
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