As a business leader in Los Angeles County, you understand the importance of attracting and retaining top talent. With over 100,000 businesses in the region, promoting a competitive benefits package can make a world of difference. While many organizations focus on financial benefits like 401(K) plans or profit-sharing, long-term care insurance is another crucial component worth considering.
Employee Retention Benefits (ERB) specializes in providing long-term care insurance solutions for companies in LA County. Here’s an overview of how adding long-term care insurance to your employee benefits package can boost satisfaction, solidify loyalty, and add value to your organization.
The Growing Need for Long-Term Care Coverage
As employees get older or suffer from health issues, they and their families often face massive financial strain due to the costs of long-term care services. The reality is 70% of individuals over the age of 65 will require long-term care during their lives. Additionally, the annual cost of a private room in a nursing home can surpass $100,000. Long-term care insurance helps protect your employees and their loved ones from the financial burden of these costs.
Attracting and Retaining Talent
In a fiercely competitive job market, offering a comprehensive benefits package is critical to attracting and retaining top talent. By including long-term care insurance in your offerings; your company conveys a strong message of commitment to employees’ well-being and financial security. In turn, this will foster loyalty and dedication from your staff.
The Benefits of a Group Long-Term Care Insurance Plan
By partnering with ERB, you would be offering a group long-term care insurance policy, which comes with a variety of advantages:
- Cost-effective: Group policies often have lower premiums than individual plans.
- Simplified underwriting: Employees are presented with a streamlined application process, requiring less medical information.
- Guaranteed issue: During initial enrollment, employees may not be required to provide medical evidence to qualify, which reduces potential barriers.
- Portable: If an employee leaves the company, they can often retain their policy with no increase in premiums.
- Tax benefits: Premiums paid through payroll deductions may be considered pre-tax contributions, providing a tax-saving advantage for employees.
Taking the Next Step with ERB
Investing in long-term care insurance as part of your employee benefits package signals a long-term commitment to your staff’s well-being. By providing such coverage, you are not only promoting financial security for your employees but also ensuring your company remains attractive and competitive in the often cutthroat Los Angeles County job market.
If you’re ready to explore how long-term care insurance can enhance your employee benefits package, reach out to Employee Retention Benefits today. We have five decades of experience and over 120 insurance carrier relationships. Our experts will guide you through the process and design a customized solution to meet your company’s unique needs. Get started with ERB today – your employees will thank you.