Chamber members eligible for cheaper long-term-care policy

Mass Financial Group Inc. has announced an offering of new long-term care insurance for Missouri and Illinois Chamber of Commerce members that includes one of the largest premium reductions in the industry.

According to a news release from the firm, the plan could save small business owners, employees and families up to 15 percent in premiums.

The plan is a result of an alliance between the MassMutual Financial Group, a provider of insurance and financial products, and the U.S. Chamber of Commerce. Under a two-year program, Massachusetts Mutual Life Insurance Company will provide the tax-qualified insurance policy to the chamber's 130,000 member companies.

The policy, called Signa-tureCare, protects the insured against the high expenses associated with the long-term care, which if not covered can deplete an individual's or a family's resources.

A recent survey conducted by the U.S. Chamber of Commerce of its 300 member companies underscores American's concerns over long-term care insurance. The results of the poll reveal that:

Seventy-six percent of respondents have not planned for the expense of long-term care in their current financial planning. Additionally, only one in five has included the cost of long-term care in their financial planning.

Only one in eight currently own long-term care insurance. Of those respondents, 21 percent who are 60 years and older and 11 percent under age 60 currently own a long-term care insurance policy.

Two out of three respondents know someone who requires assistance with daily living needs.

Four out of 10 respondents have taken time during the work week to attend to the daily living needs of a relative or friend. For nearly a third of those, these responsibilities occur several times a week.

Four out of 10 respondents regard the cost of long-term care as "very much a concern." An additional 24 percent see the cost as "a significant concern."

"As the survey results clearly demonstrate, long-term care is already taking its toll on the productivity of the American workforce," said Carl Kickham. "The impact on U.S. companies will only increase as Baby Boomers continue to age and life expectancies increase."

SignatureCare insurance provides a wide array of policy features, optional benefits and payment variations. The 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.

MassMutual Financial Group, comprised of member companies with over $213 billion in assets as of Dec. 31, 2000, is a global, growth-oriented, diversified financial services organization providing life insurance, annuities, disability income insurance, long-term care insurance, retirement planning products, trust services, money management, structured settlements and other financial products and services.

"When a small business owner or employee is faced with the need to provide long-term care, the last thing they want to worry about is how to pay for it" Kickham said.

With headquarters in Chesterfield, Mass Financial Group Inc. is an affiliate and serves more than 40,000 clients in Missouri and Illinois. Additional Missouri offices are located in Cape Girardeau, Creve Coeur, Lake of the Ozarks, St. Peters, and in Springfield at 901 St. Louis St.