Long-term care (LTC) insurance is a benefit that seems ripe for the needs of today’s workforce. Yet, when employers offer employees the chance to purchase long-term care coverage through the workplace, the participation is usually low. (Typically, LTC insurance is offered as a voluntary benefit, for which an employee pays the entire premium.) A study contracted by the U.S. Department of Health and Human Services (HHS) found that, while purchase rates varied considerably among the group of surveyed employers, 40% saw participation rates below 2%. A separate study published by the Employee Benefit Research Institute (EBRI) found employee participation rates for LTC insurance averaged less than 10%. Read the rest of this entry

There is a growing awareness and concern surrounding steadily rising long-term care costs and the fact that our population is living longer, thereby creating an increased demand for inventive solutions. Many employers have heard this demand loud and clear and are seeking methods that will provide their employees with the financial protection they need in the event that they should need long-term care.

One such solution is offering employees group long-term care insurance programs. Adding this new addition to an existing employee benefit plan is quickly gaining esteem from employers and employees alike, as these long-term care insurance products are reasonably priced, while still being offered through highly rated insurance companies.

Four Ways The Employer Benefits In Offering Group Long-Term Care Insurance

1. One of the most frequently complained about aspects of the employer to employee relationship is that the employer doesn’t care about their overall welfare and that of their dependents. Offering a long-term care insurance program can build and strengthen employee morale and loyalty, as it directly shows that the employer is considering the welfare of their employees and employee dependents.

2. Adding an additional benefit, such as a long-term care product, enhances company attractiveness. In doing so, the employer is more likely to obtain and retain highly skilled and highly qualified employees. Read the rest of this entry