Adding Long-Term Care Benefits

Long-term care insurance (LTCI) is emerging as the benefit of the 21st century as an aging population looks for ways to finance quality health care in the later years and protect their savings. LTCI reimburses costs associated with nursing facility care, assisted living, adult day care, personal services needed in the home, and hospice care. Millions of working Americans are primary caregivers for aging or ill loved ones. Working caregivers often have to come in late, leave early, take time off, decline promotions, choose early retirement, or leave work altogether. Such workplace accommodations cost employers $11 billion to $29 billion annually in lost productivity. LTCI enables employees to better care for their families. Employers, in turn, benefit in increased employee retention, well-being, morale, and productivity. LTCI is available for employees, their families, and retirees and is a no-cost way for employers to enhance benefits, with tax advantages for employers and employees.