Long Term Care Insurance as an Employee Benefit

A report from Genworth Financial finds that providing long term care, without the benefit of long term care insurance, can take a toll on employees.

The report called “Beyond Dollars”, finds that the average care provider is in their early 50’s (peak earning years) and is taking care of an immediate family member for a period of about three years.

Nearly half reported a significant increase stress at home. Part of this stress may be from having to dip into family savings or retirement to help pay for care related expenses. Contributions to savings accounts were reduced by an average of 73%, and contributions to retirement were reduced by an average of 80%.

Employees also reported having repeated absences from work (33%) or working less hours (29%) to meet care commitments.

Long term care insurance reduces these stresses by providing the funds to support various types of care, including at home and/or day care (including trips to doctors).

You see the full report here.

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