Long Term Care Insurance as an Employee Benefit

When people appraise different health insurance options, they typically evaluate their premiums and deductibles, but rarely question the limitations of the plan. That’s because it’s difficult (if not impossible!) to speculate on potential health care needs or the duration or severity of future health conditions. Where would a person know where to begin?

In actuality, there are three overlooked limits in almost every health insurance plan out there today. It’s this gap in health care that prompted long-term care insurance (LTCI)–a security plan that plugs the holes of traditional health insurance. LTCI ensures comfortable and quality long-term care, something more than half of us will need in our lifetime.

The three areas where health insurance does not protect a person are

1. Skilled medical care in a nursing home beyond 100 days
2. Intermediate care (such as rehabilitation) is limited to a period of time or number of visits
3. Custodial care is not covered at all.

To understand the limits of traditional health insurance, we need to understand the three levels of healthcare.

Skilled Care: Care provided by doctors and skilled medical professionals to make a person well again. Skilled medically needed care is covered by health insurance.

Intermediate Care: Less frequent skilled care. It also is designed to make a person well again.

Custodial Care: This is help with the activities of daily living like walking, bathing, eating, going to the bathroom, or moving around. Skilled care providers do not provide this type of care. It is not therapeutic or designed to make a person well again, and traditional health insurance generally does not pay for it.

When you approach a company to fulfill its employee insurance options, do you educate them about the current gaps in their tradition coverage? Do you offer them an opportunity to enjoy full protection? Do you feel it is our professional obligation to educate companies to help them (and their employees) make informed decisions?

If you are an employer wanting to learn more about how Long Term Care  differentiates your benefits or a broker looking to help your clients with Long Term Care, reach out and contact Doug Ross at 800-483-1115

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