Some house buyers would buy a raw house and hire somebody to design it according to their personal style, while there are those that leave the entire layout to their architect. Then there’s a car enthusiast who buys cars and sells them secondhand while another modifies his cars and rakes in money at car shows. Even buying insurance long term care designed is done in different ways. Some like to do it independently but there are those that depend on their employer.
Long term care insurance (LTCI) policies can be bought directly from an insurance company, through an insurance broker, a state insurance department, or you can course it through your employer if he is offering group LTCI policies as an employee benefit.
While it is faster to avail a policy from your employer as you don’t have to undergo physical examination nor process any papers anymore, employer-sponsored LTCI policies usually come with limited offerings only.
By reviewing recent reports about the long term care (LTC) costs, you will realize that you will need more than the benefits which a group LTCI policy offers. It’s so unlike an individual LTCI policy which you can personalize. Many group LTCI policies do not promise extensive LTC coverage, rather just a small percentage of your total LTC expenses.
If you don’t have sufficient savings which you can utilize afterwards should your benefits be exhausted, this type of LTCI is not right for you. Better opt for the partnership LTCI program as this will guarantee asset protection should the time come that you will need Medicaid assistance.