It is critical that employees plan during their working years when insurance is affordable. Furthermore, they are looking for confirmation and encouragement to begin the planning process from their employers — the same trusted resource that is helping them plan for retirement.
Employer-based long term care insurance is an essential part of a comprehensive benefits package. From the federal government to the majority of S&P 500 companies, many firms are now offering long term care insurance to their employees.
GROUP LONG TERM CARE
1It helps protect a retirement plan. Well-informed and financially savvy people understand
the dangers that a long term care episode can present to their financial portfolios. In fact,
paying for a long term care stay out-of-pocket can be a large contributor to the depletion
of assets throughout the retiree population.
2It gives people a choice about care. Although Medicare and Medicaid pay for long
term care costs, coverage may be limited. Long term care insurance policies make it
possible to receive care where people want and need it most. Some policies will also
pay benefits internationally.
3It eases the burden on family members. Providing care can place an extreme physical,
emotional and financial burden on loved ones. Long term care insurance allows family members
to be involved in the care-giving process without being the primary provider.