MedAmerica and LTC Financial Partners Announce a Broad Suite of Long-Term Care Insurance Products for the Workplace

Today MedAmerica Insurance Company (MedAmerica) and LTC Financial Partners, LLC (LTCFP) announce a distribution agreement to make a broad suite of long-term care insurance products available at reduced underwriting and multi-life discounts to employees. The policy suite is the latest incarnation of "multi-life" LTC insurance, a relatively new, increasingly-popular type of employee benefit that is proliferating faster than traditional group LTC plans.

The move follows UNUM Group's announcement on February 6 that it would discontinue group long-term care insurance sales to new group customers. For years UNUM has been one of the nation's largest providers of traditional group plans at the workplace.

"What's happening," says Bill Jones, President of MedAmerica, "is a quantum shift from one type of LTC employee benefit to another. The traditional group plan is being outpaced by multi-life LTC insurance, which is more flexible and fine-tuned for modern organizations."

Multi-life long-term care insurance combines the flexibility and choice of individual coverage with the cost reduction and simplification of traditional group long-term care insurance. Employees and business owners get policies at a discount and with reduced underwriting; and they have greater latitude in selecting benefit features. Multi-life plans can be implemented as an employer-paid benefit, a voluntary benefit, or a combination of both; and are suitable for smaller organizations as well as those with hundreds to thousands of employees.

"The traditional group form of long-term care insurance will continue to exist, but its use for most employers will likely decline," says Jones. "I believe the wave of the future for employer-sponsored long-term care insurance is the multi-life model."

Cameron Truesdell, CEO of LTCFP, agrees. "The traditional group plans tend to be one-size-fits-all, giving employees little choice of benefit features or premium cost," he says. "This has the virtue of easy implementation; but with today's sophisticated underwriting and simplified, high-tech implementation, a broad menu of choices is possible. And we find that's preferred by most employees and employers, regardless of organization size."

The new policy suite is called LTC Complete Worksite Solutions. MedAmerica is the carrier and provides the underwriting, claims management, and support. LTCFP, with more than 500 agents nationwide, is the distributor for this program. The suite will be marketed by LTCFP's Worksite Division which, in turn, will work with benefit brokers that supply a variety of employee benefits such as major medical, dental, and 401k retirement plans.

The LTC Complete Worksite Solutions suite, true to its name, offers a complete range of choices for long-term care coverage that are appropriate for today's more experienced, highly-trained employees. It's also a great fit for fast-evolving 21(st)-century organizations ranging from small service providers to large industrial and commercial corporations, as well as government agencies, associations and other non-profit groups.

With LTC Complete Worksite Solutions, employees may --

-- Choose a very low-cost starter plan that may be expanded later or used