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LTC for younger employees


Guest marie567
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Guest marie567

We're considering offering group LTC but most of our employees are under age 40. Question, on LTC when someone leaves the company do they get to continue the LTC policy on an individual basis at the same group rates or do the rates change to an individual policy.

I thought financially it didn't make sense to take LTC until you were around age 55 unless you were concerned about needing it before age 55 (i.e., disability related need).

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Guest Broot

We offer group LTC to employees, and our average age is 36. We don't have a high enrollment rate, but those who have purchased the coverage are pleased that it's available. We were able to offer guarantee issue (up to certain policy limits) for employees at the initial enrollment, and on-going for new hires.

The coverage is portable when employees leave the company, but the rate doesn't change to that of an individual policy. It can increase in the future, but only with state filing and approval by the insurer.

The younger you are when you purchase the coverage, the lower the premium rate, so some younger employees took advantage of that. We also had several employees who knew they wouldn't pass underwriting, and made sure to apply under the guarantee issue provision.

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