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.

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