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Group Vs. Private LTCI: What’s the difference?

As some of you may know, you can acquire an LTCI policy through an employee sponsored group coverage plan. But is it worth it? Some group plans can be a positive addition to one’s health coverage through their company, especially those who may have a harder time qualifying for a private LTCI plan due to disqualifying health conditions. However, in most cases, you will find better products and premiums with a private funded LTCI policy.

Company group plans typically take on a higher risk due to covering a wider range of people such as old vs. young and healthy vs. unhealthy and with that they often are more expensive regarding the premiums due to the larger number of risk factors. Company group plans try to make these policies more enticing for the younger employees however they don’t offer nearly as many rider options as private owned LTCI policies do. Don’t just take the premium price into account when considering an LTCI policy be it group or private, it’s just as important to factor in the care benefits that are offered as well as the underwriting guidelines to qualify for LTCI.

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