Long-Term Care Insurance refers to insurance that goes beyond the scope of traditional health insurance. Health insurance typically only covers acute care, while long-term care involves the care one requires when they have a chronic condition.
Long-term care can include assistance with any task defined as one of the ‘activities of daily living’. ADLs, as they are known, may comprise bathing, personal hygiene tasks, dressing, feeding, and walking.
An individual may need assistance with ADLs in the event of a serious injury, a stroke, or advanced age. Long-term care may also be necessary in cases of cognitive impairment caused by brain injury, Alzheimer’s Disease, or severe mental illness.
What is the Appeal of Long-Term Care Insurance for an Individual?
Individuals who lead a healthy lifestyle today may harbor the misconception that they are unlikely to require long-term care insurance. In actuality, those with the lowest risk of long-term health problems today may be the ones most in need of long-term care insurance due to the simple reality that they live longer.
Aging is inevitable, and even elderly people in optimal physical condition may become debilitated by injury. Aged persons in good health are also likelier to take risks and not realize the natural fragility of their bodies, which can lead to injury. Long-term care insurance is good for everyone, not just those who are considered high risk.
Is Implementing a Long-Term Care Insurance Plan Good Business?
Offering the option of long-term care insurance to your team sends a clear message that you have the best interests of your employees at heart. It demonstrates that you value them as individuals and wish to ensure that they and their families are free of financial burden in their later years.
For many, long-term care insurance may not be something they had considered before. Many of the services offered under the banner of long-term care insurance are not covered by Medicare or Medicaid. Introducing this option as part of a benefits package establishes your business at the forefront of employee satisfaction and retention.
High-employee turnover is detrimental to morale and can cost your company thousands of dollars in recruitment, training hours, and lost productivity. Employees who are dissatisfied with the benefits packages on offer are likely to be drawn away from your business quickly. Employee Retention Benefits (ERB) can help.
How Can Employee Retention Benefits Assist Your Company?
The team at Employee Retention Benefits has a combined 50+ years of experience. In addition to Long-Term Care Insurance Policies, our services include medical and dental insurance plans, 401 (K) and pension plans, payroll and human resource services, and enrollment solutions.
We customize each benefits package to suit the needs of your workforce and make the implementation process run smoothly. As the number one employee benefits firm on the West Coast, we will serve your San Bernadino, CA business and beyond.