Long Term Care Group Benefit

Here is a good reason to want Long Term Care Group Insurance. 29 billion dollars a year because of lost productivity are lost in this country because employees are taking care of someone else at home. This is a very large number.

Today, almost one-in-four households in America - over 22 million families are providing long term care(LTC) - helping with eating, dressing, bathing, etc. - to a family member, close friend or relative. This number will continue to grow as America ages.

$12,000 per year is the price for having a health care professional visit just three times a week. Regardless, most people who need long term care want to stay at home. Full time care at home may cost 100% more than the expense of a nursing home. The fact is that not many are able to afford that expense so they must turn to their family for care.

The employee may have to take time off from work, or use vacation time or sick leave to take care of a loved one. Important business meetings will be missed, employees may arrive late or leave early, etc. You get the point. In severe situations, the employee may have to reduce their hours, take unpaid leave, decline a promotion, or refuse to transfer to another location. In the worst cases, the employee may just have to quit because they forgot to buy long term care insurance for their loved one before the illness occurred.

Long term care not only impacts your bottom line but it also can impact the retirement nest egg of your employees. Many employers encourage employees to take advantage of IRA, 401k and other retirement programs, and many even financially contribute to retirement programs. Unfortunately, many employers do not encourage their workers to protect the retirement assets that they are working so hard to build from the very predictable chances that a long term care incident could occur.

Your company has the opportunity to be part of the solution. By incorporating long term care group insurance into the benefit program of your employees you can keep your employees be productive and happy while helping them and their families better prepare for the unfortunate occurrences of life.

There are now tax advantages to encourage the purchase of long term care group insurance. The Long Term Care Security Act made private long term care group insurance available to 20 million federal employees in 2002. We can now see that long term care group insurance is an employee benefit whose time is now. Long term care group insurance can be offered on a discriminatory basis to select employees such as owners, managers or executives. You would be pleasantly surprised to see how affordable the long term care group insurance coverage can be as compared to other types of insurance coverage. To attract and retain quality employees it takes more than a fat paycheck. Prospective employees are looking for such things as superior employee benefits. Your benefit package should include long term care group insurance to provide you an edge in attracting new employees and retaining existing employees.

Long term care group insurance may be important, but it is thought of as an older person's insurance. You may be thinking that your employees are not that old. Surprise, Surprise, "40 percent of all long term care patients are under age 65."

Long term care group insurance offered to family members of your employees is important to keeping your workers productive. When a program is designed for your company, coverage for your employees' parents and grandparents can be included as well. As the need for long term care arises, your employees will know that they will have the financial resources pay for the long term care that they need.

I hope that what is written here is helpful. If so, please feel free to request additional information for specific proposals that could prove useful to you.