Los Angeles, CA, April 10, 2013 --(PR.com
)-- Prudential long term care insurance announced that June 30 is the final date for submission of applications from eligible employees working at companies that offer group long-term care insurance coverage previously sold by the insurer.
"There are thousands of employees working at companies offering Prudential's group long-term care insurance policies and they will need to make a decision soon," explains Jesse Slome, executive Director of the American Association for Long-Term Care Insurance. "Group coverage offered through an employer may not always be their best option but only an apples to apples comparison will determine what's best."
Prudential announced it would cease offering new employer-sponsored long term care insurance group plans in 2012. "The company said it would continue accepting new plan participants for a period of time, but that is now drawing to an end," Slome explained. The national long-term care insurance expert noted that group plans may offer health concessions not available to individuals. "If you have health conditions and you can be accepted for long term care insurance through your employer, that's clearly a smart move but it's also the costly risk that forced insurers to exit the group marketplace."
Slome noted that people incorrectly assume that group insurance policies will always be cheaper than policies available on an individual basis. "That's certainly not the case especially for married couples and those in good health who can qualify for discounts not available to group plan applicants," Slome adds.
The Association executive advised individuals still eligible for Prudential long-term care insurance to request a comparison now. "It certainly pays to compare costs because over time the cost savings can be substantial," Slome shares. "Because it can now take four to six weeks for an individual to be accepted by an insurance company, those who take prescription medications or have health issues should leave enough time to see if they can health qualify for coverage."
To connect with a designated specialist for no-obligation long term care insurance costs from a member of the American Association for Long-Term Care Insurance visit the organization's website or call 818-597-3227.