Los Angeles, CA, December 19, 2012 --(PR.com
)-- The number of small and mid-sized employers offering long term care insurance coverage to employees is expected to grow in 2013 according to a prediction by one of the nation's leading industry experts.
"We expect to see an increase in the number of employers offering long term care insurance to their employees with the greatest growth coming from smaller employers," according to Jesse Slome, executive director of the American Association for Long-Term Care Insurance. Slome was speaking to insurance professionals today sharing predictions for the coming year. "The employer market offers the greatest growth opportunity in 2013," Slome shared with advisors.
The removal of the federal CLASS Act provisions which were deemed to introduce a national voluntary long term care insurance program leave no choice but to do planning, Slome explained. "Small and mid-sized employers are often headed by aging Baby Boomers in their 50s and 60s, the ideal prospect for long term care planning discussion," Slome shared with the audience. "When you share the many tax advantages and special benefits only available when a group plan is instituted, the sale becomes far more likely," he adds.
While a number of insurance companies have ceased selling what are referred to as 'true group' long term care insurance policies, several leading insurers continue to target the employer marketplace. "True group products that offered guaranteed issue coverage to even those with health issues can't be sustained," Slome noted. "Multilife long term care insurance offered to employers can still offer some health underwriting simplification as well as a discount only available to groups."
Slome shared that the Association will be adding a complete new section to the organization's website dedicated to information for employer groups. "We are seeing increased interest in information and access to experts in the field," Slome told the group.
Established in 1998 as a non-profit national trade group, the American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals as well as employee benefit brokers who market LTC insurance. To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.