Long-Term Care Deal for Small Businesses

April 2, 2001 (PLANSPONSOR.com) - The US Chamber of Commerce extends discounted long-term care insurance to small business owners through an agreement with MassMutual Financial Group.

Massachusetts Mutual Life Insurance Company will be the exclusive provider of discounted long-term care insurance to the Chamber’s 130,000 member companies. 

Under the terms of the two-year program, SignatureCare, MassMutual’s tax-qualified insurance policy, is being offered at up to a 15% discount.  The SignatureCare insurance plan pays the total amount of actual expenses incurred for facility services and home and community based services, up to the daily benefit amount selected.

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The coverage is fully portable if a policy owner terminates his or her Chamber membership, and discounts can be extended to parents, grandparents, in-laws and children.

The program is available to all active Chamber member businesses and their employees.

The Chamber of Commerce released the results of a member survey on long term care, revealing that:

  • Most (76%) respondents have not planned for the expense of long term care
  • Just 13% currently own long term care insurance
  • Those over age 60 are nearly twice as likely to own a long term care policy than other age groups (21% versus 11%)
  • More than 40% have already taken time during the workweek to take care of a relative or friend