Employers are beginning to recognize the advantage of including Group Long Term Care coverage as part of their Benefits strategy. Plans can be offered on a voluntary basis for little or no cost to the employer, or companies can choose contribute toward premium expenses in exchange for lower rates or preferred underwriting criteria. Employees are increasingly aware of the prohibitive cost of Long Term Care - whether it is provided in a care facility or at home. The availability of a Long Term Care Program can be a powerful tool for employers looking to attract and retain quality employees.
Studies indicate that, on average, a one year stay in a nursing facility costs in excess of $70,000. A major national provider of individual and group Long Term Care Insurance found that more than half of the people file claims for Long Term Care benefits were under age 65. Medicare typically does not cover Long Term Care costs, and Medicaid is only available after nearly all other financial assets have been exhausted. Cancer, heart disease, arthritis, stroke, and brain trauma are a few conditions that can require Long Term Care at any age.
Long Term Care Insurance can provide benefits for defined periods - e.g. 2 years, 4 years or up to a defined age. Qualifying periods vary, but most group plans begin paying benefits after 30 days of service have been provided. Many plans include Stay at Home and Hospice Benefits. Some plans allow the employee to cover family members, including their parents and spouse in some fashion. In addition, many Group plans allow the employee to continue coverage once they've retired.
We help you develop the right program for your business by discussing and evaluating: