We know you strive to provide benefits that protect your employees’ well-being and financial security. One area that often gets overlooked is the potential need for long-term care (LTC).
LTC provides non-medical support for people who need help with daily activities, such as bathing, dressing or eating or those who require supervision due to severe cognitive impairment. This care can be provided at home, in the community, in assisted living facilities or in nursing homes.
Research shows about 70% of seniors will need some type of LTC in their lifetime and America’s population of older adults continues to grow. The number of Americans ages 65 and older is expected to increase from 58 million in 2022 to 82 million by 2050.
As the U.S. population ages, the need for LTC will only increase. Fortunately, a variety of coverage arrangements are available, including a traditional, standalone LTC policy, a life insurance policy with an LTC rider or a hybrid policy that provides LTC coverage with another financial product.
Life insurance typically protects families during early and mid-career years, when income replacement is the primary concern. Hybrid and life plus LTC products can address both risks.
The best solution depends on an individual’s personal goals, budget and health. The right coverage should evolve as their needs change, allowing life and LTC protection to work together as part of a long-term plan.
State LTC Initiatives Are Expanding – As more states explore solutions to ease the strain on Medicaid, evaluating LTC insurance options sooner rather than later gives employers more choices and better control over timing.
Exclusive Employer Benefit – Guaranteed Issue means no health questions, providing access for employees who may not have been able to obtain individual coverage due to strict underwriting requirements.
401(k) Preservation – While employers often provide a match for employees’ 401(k) plan, LTC insurance helps protect those funds from unexpected long-term care expenses. As people age, the financial risk shifts toward the rising cost of LTC and protecting retirement assets.
By proactively addressing the need for LTC coverage, you empower your employees and strengthen your benefits package.