Long-term care Insurance isn't something that just
helps an older employee or an aging relative. An unforeseen accident, illness, or disability can quickly deplete the savings and income-generating ability of workers at any age, placing a huge
burden on loved ones who act as caregivers or become financially responsible for that care.
Long Term Care Group Insurance offers coverage designed to
help offset the cost for long-term care that may otherwise not be covered by a traditional health or disability insurance plan. Long-term care insurance doesn't just cover long-term care
services for the employee over the long term. By extending the offer of this coverage to qualified family members, it can help lessen the time commitment of employees caring for loved ones so that
employees can return to work or ease the financial burden of employees helping to pay for their long-term care needs.
Group Long Term Care Insurance Plan
- Simplified Underwriting- Many group plans make it
easier to health qualify for long term care insurance. Unlike individually written policies, employees typically do not have to pass any medical requirements to qualify for the long term care
- Extension of Benefits to Family Members- Many
employers allow the parents of the employees to buy into the group long term care insurance policy. Never the less, the parents will have to pass medical screening to qualify for these long term care
- Portability of Coverage- Employees may keep their
long term care insurance policy even if they leave their employer through continuation of coverage or conversion options.
- Cheaper Premiums- Since group long term care
insurance plans may include many, many employee participants, insurance companies often provide lowered premiums (basically a bulk discount)
When offered as part of your benefits package,
LTCI further provides employees with a secure way to help:
- Protect their savings and assets
- Protect their family and friends from the burden of care
- Protect their ability to choose where care is
By showcasing your organization as a
forward-thinking employer, a LTCI program enhances your ability to:
- Retain and attract valuable employees with a contemporary
LTCI benefit program
- Improve productivity and minimize absenteeism for
employees as caregivers
- Receive potential tax advantages.
Become a premier employer by providing a way for your
employees to preserve their future independence. As people live longer lives, the possibility of needing extended care in the future increases. Long-Term Care Insurance, an often overlooked group
benefit, is becoming more important to workers and therefore more important to employers.
Offering Group Long-Term Care Insurance enables your employees to afford the cost of future care, whether for themselves or a family member. They’ll be able to fund their policy with pre-tax dollars
and protect their savings and assets from the debilitating costs of nursing homes, assisted living, at-home care and other medical services not covered by health insurance.
Let R James Associates and Benefit Brokers show you how Long-Term Care can be a strategic and cost-effective component of a well-rounded employee benefits package.