Long Term Care Insurance has finally reached the mainstream. A recent article in the San 
Francisco Chronicle reveals 5 reasons why Long Term Care Insurance benefits should be in any employee benefit package. This is great news. Only around 10% of Americans own a Long Term Care Insurance policy at present due, mainly, to lack of awareness about what long-term care is, the likelihood you’ll need it and the fact that Long Term Care Insurance is the best option for planning for your future long-term care needs. The fact that employers are now encouraged to offer this type of insurance in their benefit packages to employees represents a huge step in the right direction to getting all Americans covered against the high cost of long-term care.
So, first off, what is long-term care? When we get older, especially after age 65, the chance that we’ll need some form of assistance with the basic activities of daily living such as eating, bathing, getting around and other essentials rises to nearly 70%. We might need an in-home health aide to come by once a day or a stay in a nursing home for a few years to recover from an injury or illness. These kinds of services, and others, are not covered by regular health insurance, nor by Medicare and by Medicaid only if you qualify, which means spending away your life savings. Long Term Care Insurance pays the costs for these types of services and can offer you the peace of mind you need to have a secure and worry-free retirement and enjoy your final years knowing you’ll get the care you need, when you need it.
Thus, employers are now being encouraged to offer this type of insurance. Here are the top 5 reasons why:
1. Long Term Care Insurance reduces health care costs for those who are working but caring for an aging parent or relative. These workers are exposed to stress, anxiety and other ailments that can cost the employer in health insurance.
2. Long Term Care Insurance ensures productivity will remain high. Many workers who are caring for aging relatives must come in late or leave early or be absent to do so. Long Term Care Insurance helps make sure they get the funds they need to prevent these events.
3. Long Term Care Insurance fills the gap left by health insurance and Medicaid. People are left to pay out-of-pocket without Long Term Care Insurance and thus spend down their entire life savings.
4. There are substantial tax incentives and benefits to purchasing a Long Term Care Insurance policy and for employers to offer them to their employees. In the first case, Long Term Care Insurance partnership programs are available in most States to assist individuals who want to purchase a policy and in the latter case, companies expenditure on Long Term Care Insurance premiums are considered tax-deductible medical expenses.
5. Employers will not only be helping their employees with the high cost of long-term care, they’ll also be educating them on the urgency and need for awareness and thinking about long-term care.
As the article states:
“Through long term care insurance, employers are in a position to save many of their employees from financial ruin while protecting their own bottom line without increasing their costs.”
Whether your employer is currently offering, or is thinking of offering, Long Term Care Insurance as a benefit or not, you should take the initiative and purchase an individual plan for yourself today. The need for long-term care is great and Long Term Care Insurance is the answer to rounding out your retirement portfolio with the security and coverage you need to ensure that you can pay for the care you’ll need.
Don’t wait for your employer to begin offering this type of insurance. You can take this important step yourself. Assuming you’ve done you’re research and are aware, generally, of what long-term care insurance is, when shopping for a plan, there are a number of things to consider. Long-term care insurance plans can be complicated and often offer many options for level of coverage, type of coverage or care that is covered as well as payment options, among many other factors. But, we can help you navigate the many choices in Long Term Care Insurance plans. Simply fill out this form to get started. Thanks for reading today's blog. We really appreciate it.
Reviews of each company's financial stability ratings, claims experience, and size.
A side-by-side comparison of each company's policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Genworth, Transamerica, John Hancock, New York Life, MassMutual, Mutual of Omaha, and more.
