As an employer, you know how important it is to take care of your hardworking employees by providing affordable insurance options – and one of the most frequently requested benefits is long term care insurance.
Group long term care insurance policies allow your employees to protect their savings, retirement funds and other assets should they become unable to care for themselves as the result of injury, accident or illness.
Though you may associate the need for long-term care with the elderly, research indicates that 70% of people will require long-term care — and almost 40% of those are working adults under age 65!
Getting the Long-Term Care can be Expensive
Long term care isn’t cheap. In California, assisted living facilities average more than $2,500 per month; a semi-private room averages more than $200 per day! Nursing homes cost even more – an average of $56,000 per year – and part-time basic home care services average about $16,000 annually.
Long-Term Care as an Affordable Option
Group long-term care represents an affordable option for both employers and their employees. Group policies spread the risk of claims over a wider group of policy holders, thus helping to ensure lower costs and secure savings. Such policies can be especially beneficial to those with health conditions or limitations that might preclude them from other options.
Helping You Protect Your Employees
As an employer, you can help protect your employees’ assets and relieve their families of the burden of caretaking. Providing group long term care insurance also benefits your business by:
- Increasing productivity and reducing absenteeism of employees who provide care for family members
- Enhancing your company’s ability to attract and retain employees by offering appealing benefits packages
- Enjoy potential tax advantages