Long-term care insurance covers services not offered in traditional Medicare or Medicaid packages. The programs pay benefits falling under the banner of 'custodial care'. If one cannot perform the "activities of daily living", also known as ADLs, long-term care insurance can help.
ADLs can encompass bathing, dressing, feeding oneself, bathroom functions, walking, and even assistance with memory and cognitive impairment.
Often, organizations fail to consider their employees who have chronic diseases or the possibility that a team member may be involved in an accident. The provision of long-term care to employees shows that these factors are being taken into consideration and that the health and wellbeing of the entire staff are paramount.
Long-Term Care Insurance Makes You a More Attractive Employer
Statistics released by the US Census Bureau indicate that the nation's population of 65-and-older people has increased rapidly since 2010, bringing the national median age to 38.6. Moreover, with a population facing rising costs of living and uncertain economic prospects, more younger people than ever are actively preparing for their futures.
Data released by the Employee Benefit Research Institute (EBRI) indicates that a 65-year-old man would need approximately 27,000 in savings to cover health care expenses in his retirement, while a 65-year-old woman is estimated to require
43,000 to cover her health care costs in retirement.
Offering long-term care insurance will attract talent who consider the bigger picture and see long-term potential in working for you. It expands the pool of available talent by promoting inclusivity for those living with chronic conditions. It enables you to retain your most experienced workers as they mature and show your continued support for them as they enter into different phases of their lives.
Long-Term Care Insurance Eases Employee Stress
Long-term care insurance allows your employees to focus on their jobs rather than worrying about the future or enduring the stress of out-of-pocket care expenses.
Long-term care insurance eases the burden on employees' families, who otherwise have to incur enormous expenses or sacrifice their own careers to care for their loved ones.
It Can Be Difficult To Choose A Long-Term Care Insurance Plan
Many employers don't offer long-term care insurance, largely due to the complexity of implementing such programs. Long-term care insurance plans often exclude people with pre-existing conditions, often the very people who would benefit from them the most.
Employer-offered long-term care insurance usually falls into two categories: true groups, and group offerings. True groups allow employees who have known health issues to pay the same premiums as their colleagues. Group offerings have the benefit of discounts that cover family and loved ones.
Employee Retention Benefits (ERB) offers guaranteed issue insurance, a policy available to all eligible applicants regardless of health status or pre-existing conditions. The ERB team will utilize our decades of experience and customer service acumen to ensure your Long Beach, CA business arrives at the optimal insurance solution for your employees.
