The cost of health care is expensive and predicted to rise. Long term care in the event of illness or injury is one of the most costly issues your employees may have to face in life.
Long term care needs are not only an emotional strain, but a financial one as well. People who are already suffering should not have to turn to their retirement savings (that he or she worked so hard to accumulate) in order to survive.
Group Long Term Care insurance can help secure your employees’ life savings by protecting against crippling long term care cost. This makes it a highly attractive policy to include in your benefits package.
What are some other benefits of Long Term Care insurance?
If you, or an employee, were to suffer a terrible illness or injury, this policy could help you to retain independence in decisions concerning care rather than relying on family members or government assistance to foot your bills … and your choices. Long Term Care can also help you prepare for the unexpected by providing insurance for things not covered by other benefits.
How do I know which LTC policy is right for my employees?
This is where we come in to help! You know your employees, and we know the best policies for particular groups of people. Working together, we can determine what is right. For instance, the coverage an individual needs will be very different from a couple with children, so we will want a plan for everyone.
Is there a good age to use as a benchmark for when we start urging someone to consider Long Term Care coverage?
Ultimately this is a decision best left up to the individual for many reasons. Most people think about this type of insurance when they are close to retiring. However, premiums are much lower for people in their 40s and 50s than for those over age 65. As people age, they are more likely to develop health conditions that make someone uninsurable. Also, after the age of 60, premiums for long term care policies rise steeply.