What is required for an association group long term care insurance plan?
Requirements vary with insurance company, here is an example:
- Have a Constitution or Charter and bylaws
- Be formed for purposes other than the sale of insurance
- Have been in existence for at least two (2) years
- Have an independent operation with its own board of directors, conducting documented board meetings and an annual meeting of association members
- Have (at least 100) dues paying members who have affirmatively joined the association
- Have a true affinity relationship between the organization and its members
- Offer a wide array of membership benefits such as fellowship, education/training, newsletters, metings/events/activities, advocacy or community services. It may also offer commercial benefits such as travel discounts, bank and or other financial services offers and discounts, coupon offers,prescription drug or health related discounts, etc.
For more information contact Baygroup Insurance long term care planning specialist.