Offering long-term care insurance as an employee benefit can be an integral part of your strategy to recruit and retain the best talent, contain costs, and enhance employee productivity.
As people continue to live longer, the combination of retirement savings plans and healthcare coverage may no longer be enough to provide certainty and security. Buying or part-funding long-term care insurance could be an effective way for your business to offer an employee benefits package that makes the difference when recruiting and retaining staff members.
While health insurance covers medical bills, it leaves all manner of costs for people to face if they suffer degenerative conditions or can no longer cope with everyday activities. Long-term care insurance policies are designed to cover costs for services such as home care, daycare, nursing homes, and respite care. Many of these services aren't covered by Medicaid, and in any case, that's usually only available when the person has spent most of their assets.
There are multiple factors that may play a role in the cost of your policy, such as your age, health, whether you are single or married, as well as how much coverage you need.
A long-term care policy may help cover for care should you develop a disability, disorder, or other condition that impacts your daily routines, requiring specialty care services.
Insurance plans vary significantly when it comes to what types of care they cover and the trigger process by which they start paying out. Consider looking for a plan that meets your budget while still offering coverage to your employees.
Are you considering long-term care insurance as part of your employee benefits package? Contact us to go over your options.