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Re: MetLife, LTC and GroupPlan

Posted by Steve Eads, CLU on May 22, 2002 at 13:02:49:

In Reply to: MetLife, LTC and GroupPlan posted by John on May 21, 2002 at 13:57:39:

: Hi,

: My employer has just offered a group LTC plan through Met Life. I have a few questions that no one has really answered satisfactorily.

: 1. My Wife and I are both under 30 years of age (29 and 27). Am I too young to take out LTC? I do not think so, not at all, but many articles I have read indicate that I should wait.

: 2. Presuming that I will take out LTC, is it better to take LTC through the group plan or should I take out an individual policy for my wife and me?

: 3. Inflationary increase. With the 5% compound inflationary increase, does this simply increase my premiums by 5% or does my premium go to the next ‘age level’ (my age + 3 years in this case).

: 4. Are the premiums that I pay tax deductible or is it just any expenses that I may incur?

: Apologies if these seem rather basic questions, but I have not yet received a satisfactory answer from MetLife!

: Thanks!

: John

John, if you're that young and if you are both in good health...DO NOT buy a group plan!!! You should be easily able to double your overall benefita at the same or a lower cost of the group plan. In a group plan, the younger healthier folks are paying for the older unhealthy folks...EVERYTIME. Compare the leading carriers in your state an see for yourself (CNA, John Hancock, GE Capital, Allianz, Prudential) these for sure. Beware of most others, however.

What state are you in?

Steve Eads, CLU
seads@eadsassociates.com
www.LTCiPro.com

Follow Ups:

Re: MetLife, LTC and GroupPlan isaac P. Caldwell, III, CLTC, LUTCF 20:03:20 06/11/02 (0)

Re: MetLife, LTC and GroupPlan : : Hi, : : My employer has just offered a group LTC plan through Met Life. I have a few questions that no one has really answered satisfactorily. : : 1. My Wife and I are both under 30 years of age (29 and 27). Am I too young to take out LTC? I do not think so, not at all, but many articles I have read indicate that I should wait. : : 2. Presuming that I will take out LTC, is it better to take LTC through the group plan or should I take out an individual policy for my wife and me? : : 3. Inflationary increase. With the 5% compound inflationary increase, does this simply increase my premiums by 5% or does my premium go to the next ‘age level’ (my age + 3 years in this case). : : 4. Are the premiums that I pay tax deductible or is it just any expenses that I may incur? : : Apologies if these seem rather basic questions, but I have not yet received a satisfactory answer from MetLife! : : Thanks! : : John : John, if you're that young and if you are both in good health...DO NOT buy a group plan!!! You should be easily able to double your overall benefita at the same or a lower cost of the group plan. In a group plan, the younger healthier folks are paying for the older unhealthy folks...EVERYTIME. Compare the leading carriers in your state an see for yourself (CNA, John Hancock, GE Capital, Allianz, Prudential) these for sure. Beware of most others, however. : What state are you in? : Steve Eads, CLU : seads@eadsassociates.com : www.LTCiPro.com

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