No one knows when they might need long-term care. According to the US Department of Health and Human Services, nearly 70% of people over 65 will need some type of long-term care services at some point in their lives. Long-term care is a range of services and support for your daily activities and personal care needs. It can be provided at home, in the community, or facilities.
Most people think Medicare will cover their long-term care costs, but this is not always the case. Medicare only covers a small portion of long-term care expenses for a limited time. That's why it's so important for employers to offer long-term care insurance to their employees. Not only will this help reduce strain on families, but it will also ensure your employees are taken care of should they need it.
What is Long-Term Care Insurance?
Long-term care insurance is designed to help policyholders pay for the costs associated with long-term care services. This includes in-home care, assisted living, or nursing home costs. Most policies have a daily or monthly benefit amount to be used to reimburse policyholders for covered expenses. Unfortunately, many standard company insurance packages don’t come with long-term care insurance protection.
How Long-Term Care Insurance Can Benefit Your Employees
There are many ways long-term care insurance can benefit your employees and their families. Caring for an aging parent or sick family member can be emotionally and financially draining on a family. Having long-term care insurance can help alleviate some of the strain by giving them access to the resources they need to get outside help. In addition, Medicare only pays for a small portion of long-term care expenses for a limited time. Medicaid will pay for some long-term care costs, but eligibility requirements are strict. That's why it's so important for employers to offer long-term care insurance to their employees.
Why You Should Offer Long-Term Care Insurance
In most cases, it is up to the employer to provide long-term care insurance for their employees. Offering this type of coverage shows you value your employees and are committed to helping them through difficult times. In addition, as an employer, offering long-term care insurance to your employees is a way to help them protect themselves financially should they ever need long-term care. It’s also a way to attract and retain good employees, as many workers view long-term care insurance as a valuable benefit. So if you’re not already offering long-term care insurance to your employees, it’s something to consider.
At Employee Retention Benefits, we offer affordable long-term care insurance plans for companies in the Sa Bernardino area. Our team will work with you to find the best plan for your company and your employees by leveraging a network of over 129 carriers. Contact us today to learn more about our long-term care insurance options and how they can benefit your employees’ well-being.
