Long Term Care Insurance as an Employee Benefit

Options. The world is full of them. When we are young, the world is our oyster. As we age, options and opportunities dwindle. We miss the windows to set up optimum savings, life insurance or health plans, often finding we do too little, too late…often wishing we knew then what we know now.

Helping employers educate their workforce about the benefits of planning for long-term care is a critical new step in financial planning. By offering employees yet another option and educating them on the gaping hole they have in their safety net, employers earn both respect and gratitude from their workforce. Additionally, offering Long Term Care Insurance to their employees doesn’t need to cost the employer any additional money. Why should employers educate their employees about Long Term Care Insurance?

1. Without education in the workplace, employees may not discover the long-term care dilemma until they have already developed pre-existing health issues.
2. Premiums are fixed to a person’s age at the point of purchase; so planning young will result in paying the least amount of insurance premium over one’s lifetime.
3. Understanding the issue and support systems available will be beneficial when a parent, friend, or other loved one needs long-term care. Employees of all ages should learn about long-term care while they are young so they understand the planning challenges they will face in the future. Like all planning, the younger people begin, the more options they will have and generally speaking, the less expensive it will be.

The good news is that with long-term care, there is an additional benefit of planning early. There is a much greater chance of being medically underwritten. When applying for long-term care insurance a person must fill out an extensive application with questions about existing health and medical prescriptions. Industry wide there is about a 30% decline rate for people that apply for coverage.

It should be noted that there are many health conditions like diabetes, arthritis and high blood pressure where a person can still be approved for long-term care coverage. But what happens to those conditions as a person ages? They generally deteriorate until the point where a person can no longer be approved. Learning about long-term care while they are young provides people with an opportunity to purchase protection when they are healthiest and have the best chance of being accepted.

Even when employees don’t purchase coverage, they will understand the issue when they are dealing with a parent or friend who needs care. It’s something that is very likely to happen to us all at one point or another. Do you believe knowledge is power? How much to you know about LTCI?

EM-Power is a unique brokerage in that we:

1. Work with employers to show them why adding LTC as a employee benefit is a win-win opportunity; and
2. Work with brokers to teach them how to better educate their clients about LTC to create a win-win opportunity.,

If you are an employer needing help or a broker looking to help your clients with Long Term Care reach out and contact Doug Ross at 800-483-1115

Tags: Assisted living, Class Act, Class Program, Community living Services and Supports Act, Education for long-term care, Employee benefits, Employee recruiting strategies, Employee retention strategies, Employer sponsored benefits, Executive benefits, Federal long-term care legislation, Federal long-term care plan, Financial planning, Government long-term care insurance benefits, group long term care, group long term care insurance, Home health care, long term care insurance, long term care insurance companies, long term care insurance plan, long term care insurance quote, Long-term care, Long-term care education, Long-term care insurance tax advantages, Long-term care planning strategies, LTC, LTCI, Nursing home insurance, Opt out long-term care insurance, Paying for assisted living, Paying for home health care, Paying for nursing homes, Tax advantages of long-term care planning, Voluntary long-term care insurance, Wealth preservation | Filed under: Uncategorized | 1 Comment »

What does your employees’ current compensation package look like? What does yours look like? There are five main reasons employers should take a few moments to understand and evaluate long-term care insurance.

1. Long-term care insurance, or insurance that addresses the enormous gap in traditional healthcare coverage, is an often misunderstood and overlooked component in financial planning and health care protection.
2. More than half of American workers will experience a need for long-term insurance coverage in their lifetimes and yet many of them will not realize this until it is too late.
3. There are employer-sponsored benefit programs with significant advantages that can be implemented without any cost to your company. At the same time, business owners can selectively pay for coverage for themselves and key employees while receiving generous Federal tax deductions as part of a strategy to reward and retain your most valued people.
4. Educating your employees on the hole that exist in their current long term financial and health planning builds goodwill toward your company.
5. You can offer group insurance rates to your employees on a voluntary basis, meaning it does not cost your company anything to offer this protection while employees will receive coverage at a better price through you than if they were to purchase it independently.

We are happy to arm you with the questions you need to ask of your current benefit provider. Are you aware of the hole in your coverage that may leave you unprotected and financially vulnerable?

Click to request a 15-minute briefing on long-term care and how it can benefit your Company. For more information call 800-483-1115 and speak with Doug Ross.

Tags: Assisted living, Class Act, Class Program, Community living Services and Supports Act, Education for long-term care, Employee benefits, Employee recruiting strategies, Employee retention strategies, Employer sponsored benefits, Executive benefits, Federal long-term care legislation, Federal long-term care plan, Financial planning, Government long-term care insurance benefits, group long term care, group long term care insurance, Home health care, long term care insurance, long term care insurance companies, long term care insurance plan, long term care insurance quote, Long-term care, Long-term care education, Long-term care insurance tax advantages, Long-term care planning strategies, LTC, LTCI, Nursing home insurance, Opt out long-term care insurance, Paying for assisted living, Paying for home health care, Paying for nursing homes, Tax advantages of long-term care planning, Voluntary long-term care insurance, Wealth preservation | Filed under: Uncategorized | No Comments »