Are you thinking about adding long-term care insurance for your company’s employees? While this option may not be the first that comes to mind when configuring your benefits package, it can give your employees and their families the care they need. Long-term care is more complex than traditional medical care, often requiring more attention. People who have experienced a car accident or have naturally gotten older may not be able to function normally. By providing long-term care insurance for your employees, you can offer some of the care they may need to improve their daily lives. Many employees and their families don’t have the time or resources to care for their loved ones when they require constant care.
In addition, offering long-term care insurance can convey that you go the extra mile as an employer in taking care of your employees.
Adding long-term care insurance to your benefits package can mean a more secure future and better peace of mind for employees experiencing long-term health issues. There are several advantages to including long-term care insurance in your benefits package.
Providing Essential Coverage
Many employees who have a health issue that requires care might not be eligible to receive the appropriate level of care, or they may be required to pay exorbitant fees. Adding long-term care insurance to your packages can expand the amount of coverage that typically isn’t provided by regular medicare plans. Your employees may need more care than they can afford, so providing long-term care in your insurance package can give them the peace of mind they need to continue working.
Relieves Stress on Employees and their Families
Attending to a loved one with long-term health issues can be an excruciating process. If a family member requires constant care, it can be challenging to find the time to look after them. Long-term care can enable families to find the resources to better take care of their struggling loved ones. As a result, employees and their families can relieve some of the stress of going through challenging long-term medical issues.
Increase Employee Retention
As employees discover long-term care insurance benefits, they increasingly demand it as part of a program. Adding long-term care insurance to your benefits package(s) can signal to prospective employees that your company is at the forefront of benefits solutions. Having this benefit can also contribute to retaining employees who may be going through this difficult time involving extensive medical care. Providing long-term care benefits has been shown to enhance psychological states in employees, as they are more secure in their futures at the organization.
At ERB, we create a customized program that works for your company. Our decades of expertise in providing employee benefits across various industries helps us better match company insurance needs to benefit programs. In addition, we’ve streamlined our enrollment process and have made it easier than ever to implement benefits solutions at scale. These efficiencies result in better rates for your long-term care insurance needs. We look forward to providing the most effective long-term care insurance for your employees.
