After some hand-wringing to account for the cost of payroll deductions, the Marion County Commission has unanimously voted to allow their workers to purchase the long term care plan from the State of Tennessee.
This is just the latest in a series of government and other very large employers’ recognition that long term care insurance provides an invaluable tool for recruitment and retention and ensures future productivity. Every year, billions of dollars are lost by businesses and governments due to long term care costs. It makes sense to offer this coverage since it can be done at little or no expense to the organization!
The State of Tennessee plan is a wonderful option for those who cannot be approved for coverage on the individual market and we applaud Marion County’s decision. However, for those who are healthy (and especially those who are married) it is vital to first understand your options on the individual market vs. buying into the group. Often times, a custom-built plan can provide much more coverage per dollar. We are well versed in the top carriers as well as the State’s offering and are happy to provide an independent expert comparison.