Building the right insurance package for your employees can help you recruit and retain the best talent, and can help your employees’ morale since they don’t have to stress about health concerns.
One product that is typically considered when building an insurance package for employees is long-term care. This unique coverage is usually present in life insurance coverage riders, but less common in employer-sponsored plans. It is becoming more popular among employers, though, and this article will detail more about what long-term care entails and who can benefit from this coverage.
Our company is based in Los Angeles and we strive to provide solutions for many facets of business operations, including insurance coverage, retirement solutions, payroll services, and more. We are experts in employee benefits and we are fortunate to partner with businesses in Los Angeles and the surrounding areas to provide the ideal solutions for their needs.
Providing long-term care benefits people who suffer a life-altering injury or are suffering from a disease that prevents them from caring for themselves. This coverage is put in place to pay for a person to receive care in their home, in an assisted living facility or in a nursing home.
Offering this benefit to employees can set your company apart, as it is offered by some but not the majority of companies in the marketplace. For people with a family history of the disease, it can be a major benefit and provide a great deal of peace of mind for their later years.
As an employer, you have options when providing long-term care as part of your insurance package. The most common way to offer long-term care is in the form of voluntary coverage, where employees select if they would like to add this benefit to their insurance plan. This is a win-win for employees, because if they do want long-term care then they can save by making it part of their entire plan, but if they want to keep their costs low or don’t see the value in the coverage, they don’t have to pay for it.
Other companies want their insurance package to be as strong as possible and offer long-term care as part of their overall group coverage. The best choice for your company will depend on your health benefits goals.
In addition, you can select the type of long-term care coverage to be offered. Long-term care can look different for each person who needs it, and the main cost will be the amount of care that is not covered by medicare or Medicaid. As an employer, you can choose to offer in-home care, facility-only care (nursing homes or assisted living), or comprehensive care which would cover any long-term need.
Variables such as the number of employees to cover and the maximum coverage amount will also determine the overall cost, and our team can consult with you to determine if long-term care is right for your organization.
If you want more information on long-term care or want to learn more about how our team can help your business, don’t hesitate to call us today!