University of Tennessee’s announced this week that their highly regarded Women’s Basketball Coach, Pat Summitt, has been diagnosed with Alzheimer’s disease. She’s only 59.
Ms. Summitt is a paragon of fitness and sports. Her team has amassed over 1,000 victories and nine national championships. She is now the face of younger people living with Alzheimer’s.
Over 200,000 people in the United States living with Alzheimer’s are under the age of 65. Alzheimer’s is one of the leading diseases requiring long term care support.And one of the most expensive.
When employers think of long term care, they often think of retirement and the elderly. However, long term care needs can begin early from disease as in Ms. Summitt’s case, an auto or sports accident, or another type of diagnosis.
The need for long term care insurance is growing in this country as nursing home and assisted living care costs reach toward $100,000 annually.
Few of us can afford that without wiping out savings, and perhaps even losing our home.
This is why employers need to rethink their benefit portfolio to include long term care insurance option for employees.
With the rapid rise in long term care costs, a need among younger employees, and potential changes to Medicare and Medicaid in Congress, employers will need to fill the gap.
America’s workers are more exposed than ever.
Tags: Employee benefits, Employer sponsored benefits, Federal long-term care plan, Long-term care, Long-term care planning strategies, LTC, LTCI, Paying for home health care, Paying for nursing homes, worksite Long Term Care Assisted living | Filed under: Uncategorized, worksite Long Term Care | 3 Comments »