John Hancock in Boston announced that it has introduced a long-term-care insurance program called Corporate Solutions for the small-business market to help provide individual long-term-care coverage at the workplace.
Corporate Solutions features two main options with differences intended to address the kind of plan a business wants to offer, the company said Wednesday. One option, designed to attract and retain top executives, is an employer-paid program featuring LTC with robust benefits and a streamlined application process. The other, designed for businesses wanting to offer the product as an employee-paid benefit, highlights features such as portability, dependent coverage, and easy billing via payroll deduction.
The options may be offered independently or can be combined, depending on an employer’s priorities. The new program complements Hancock’s Sponsored Group Program, which is tailored to associations and other employer voluntary-pay scenarios in which ongoing enrollment is preferred.
John Hancock is one of the largest providers of long-term-care insurance overall; it has more than 800,000 clients and $1.1 billion of in-force premium.
John Hancock Financial Services Inc. is a subsidiary of Manulife Financial Corp. in Toronto.
