Long-term care insurance may be one of the newest and fastest growing employee benefits.
Long-term care insurance (LTCI) is expected to become one of the most sought-after benefit options of the next decade, and the ongoing demands of long-term care (LTC) will have a direct impact on the workplace. Today, many working adults are faced with balancing their job and their family with the care of a loved one. These employees typically have to make changes to their daily schedule in order to manage these responsibilities. Increasingly, employers and employees are feeling the financial and stressful impact of these decisions and continue to be concerned with the rising costs and demands of LTC. ¹ A Sponsored Group Discount Program allows you offer coverage to your employees or members of your association at a discount. This benefit is valuable to employers as well because it offers coverage for you as well as your family members, increases productivity, and offers advantageous tax incentives.
The Sponsored Group Program enables C-Hall Corporation to provide employers and associations with a way to make individual LTCI policies available to employees or members at a special discount. This program also extends to retirees, spouses or partners, parents, grandparents, children, siblings, and all in-law and step equivalents of employees and association members.
Why employers should consider offering LTCI to their employees:
• 62% of caregivers say they had to make some work-related adjustments. 57% of working caregivers say that as a result of their caregiving responsibilities, they have had to go to work late, leave early, or take time off during the day to provide care.¹
• 59% of caregivers are employed.¹
• 48% of men and 42% of women reported that they were contributing financial support to a care recipient-an average of $273.00 out-of-pocket expenses.²
America's Health Insurance Plans reports that nearly 4,800 employers offered such plans, as of the end of 2001.
There are tax incentives to employers for purchasing long-term care insurance for their employees. Employers can pay for all the coverage, part of the coverage, or have employees pay all the cost.
Eight out of 10 Americans would consider long-term care insurance if offered through their employer. (A Survey of Employers Offering Group Long-Term Care Insurance to Their Employees. US Department of Health and Human Services. May 2000.)
1. Caregiving in the U.S., National Alliance for Caregiving and AARP, 2004. 2. Findings from a National Study by the National Alliance for Caregiving and the Center for Productive Aging at Townson University, June 2003.
