Guest Post by Brian Gordon, www.magaltd.com
In today’s corporate world, savvy companies are continually looking for the competitive edge in benefits – something they can offer to attract and retain top employees as well as set them apart in the marketplace. Facing unparalleled challenges in the work force, companies know they can ill afford to spend years attracting key executives, only to lose them to the competition. One of the best ways to combat this is by offering a comprehensive, unique benefits package that delivers powerful incentives. What many companies are finding is that Long Term Care Insurance (LTCI) is emerging as the “hot” benefit.
You take great pride in providing your employees with 401K plans, retirement programs, health insurance and other benefits. But what’s the greatest risk to your employees? The devastating cost of long-term care. The simple fact is people are living longer, which brings on a whole new set of challenges. Whether it’s the routines of daily living, Alzheimer’s Disease or other dementia, your employees may require financial help in taking care of themselves or a loved one.
Long Term Care Insurance provides a range of benefits, including tax advantages to both your company as well as your employees. In addition, it can also serve as an important factor in ensuring your key employees stay with you for the long term. According to the Health Insurance Association of America, employee-sponsored Long Term Care Insurance plans are growing at a rate of 32% per year. What’s more, the National Council on Aging finds that seven out of 10 employees want LTCI.
Long Term Care Defined
Long term care can be defined as the care given to an aging, ill or disabled person who requires assistance with the daily tasks of living, such as bathing, dressing, or eating for an extended period of time. Or it can be necessary for those with Alzheimer’s and other dementia. This care can be given in an assisted living, skilled care facility, adult day care, hospice or even personal services in an individual’s home. To cover the costs of this care, LTCI has emerged as a viable way of both protecting a person’s assets while ensuring the delivery of quality care.
LTCI should be an integral part of any well-rounded financial plan. What’s more, LTCI is really
considered “anti-nursing home insurance” because it gives the policyholders greater flexibility in
choosing the options best suited to their needs.
Leave a Reply
You must be logged in to post a comment.
