Multi-Life Long-Term Care Insurance
Multi-life long-term care insurance refers to a type of LTCI offered to groups, such as employees of a company or members of an organization or association. Premiums are typically discounted compared to individual plans. Each person can have their own benefits (if employer paid, buy up additional benefits at employee’s expense) but they all fall under the umbrella of the group. This type of insurance is often used by employers as a benefit for employees or by associations to offer members affordable LTCI coverage.
Multi-Life LTCI Highlights
- Employer groups can be established with 2-5 participants, depending on the state
- Usually a 5% discount compared to individual plans
- Underwriting concessions for larger groups
- Tax benefits are available to businesses that offer LTCI
Why Offer Multi-Life LTCI?
Employers that offer a group long-term care insurance policy to their employees are eligible for tax benefits and deductions. In a competitive employment market, this can be an added fringe benefit to either retain employees or recruit new ones. If it is a large employer group, they may be eligible for underwriting concessions and employees that would not be insurable on the individual market may be underwritten more leniently.
