Many individuals put off even researching long-term care insurance plans, assuming it is something they can take care of later in life. However, long-term insurance carriers rarely approve applicants over age 75 or those who already have pre-existing conditions.
It is imperative to consider the available options before they are necessary. Long-term care costs can be catastrophic for the unprepared.
Long-term care insurance covers care not typically included under health insurance, Medicare, or Medicaid. Long-term care insurance is designed for individuals requiring assistance with ‘activities of daily living, commonly known as ADLs.
Basic ADLs include but are not limited to oral hygiene, bathing, using the toilet, dressing, feeding, and functional mobility, including walking and transferring in and out of a chair or bed.
The Need For Long-Term Care Insurance Is Underestimated
The average 65-year-old today has a 70% chance of requiring long-term care. Many people count on having enough saved for retirement to take care of such expenses as they arise. However, assistance with the activities of daily living can also be required in the event of an accident, or the onset of chronic illness.
In the United States and worldwide, many individuals who have experienced sudden debilitation due to illness or an accent are forced to crowdfund their medical expenses due to inadequate insurance. Offering long-term care insurance plan options to your team shows a commitment to their health and financial wellbeing and gives them options they may not have considered before.
Long-Term Care Insurance Improves Employee Retention and Overall Morale
The employer market for long-term care insurance provides greater access to coverage than the individual market. As an employer, you can offer a guaranteed-issue policy that does not require the provision of health information from your team. You also have the option of offering coverage to spouses, parents, and even retired employees.
In taking these steps, you send a clear message to your employees about how much you value their long-term health and wellbeing and that of their families. This is one of the essential tenants of workplace satisfaction.
Offering Long-Term Care Insurance Makes Your Business More Competitive
The employer navigates the complexities of the long-term care insurance marketplace, making the decision straightforward for employees.
A majority of adults already receive some form of insurance benefits through the workplace. A benefits package including long-term care will help secure your reputation as a best-in-class employer.
Long-Term Care Insurance Need Not Be Complicated
There are myriad options for long-term care insurance providers in the marketplace, and our experienced team at Employee Retention Benefits will provide expert guidance in navigating all the possibilities.
Employee Retention Benefits (ERB) is the number-one employee retention benefits firm on the West Coast. Our team takes immense pride in our knowledge of the best industry practices and our commitment to staying abreast of current developments in the field.
