How Group Long-Term Care Insurance is the best option for employees and employers
Myth- I often hear from educated people that there are no LTC options in the market or that it is too expensive.
I recently wrote an article for ReThinking 65 about the revitalized long-term care insurance market, especially in the group or worksite LTC insurance space.
A few stats-
Key Points
• 81% of employees view long-term care insurance as very/somewhat Important, but only 25% of employers offer it.
• New state legislation may expand the LTCI market and result in coverage for more people.
• More employers are viewing LTCI as an essential benefit that supports their workforce.
The truth about group LTCi-
Group LTCi is experiencing a resurgence due to the popularity of their hybrid model, which is a combination of a life insurance policy with long-term care benefits.
More carriers are in the market than in previous years and others are entering or re-entering the market.
All sized employer groups are eligible, and some carriers offer guaranteed issue for groups under 100 lives.
Group LTCi is affordable, portable- you can take this insurance with you as you leave jobs or retire- and for employers there are tax benefits available.
Group LTCi is best implemented with a LTCi specialist and an experienced BGA (Brokerage General Agency) adept at off cycle enrollments, marketing and education, the appropriate infrastructure, and strong carrier relationships.
Employees are desperate for solutions and employers are looking to minimize the impacts had on working caregivers, like lost productivity, replacement costs, and to enhance their well-being and retain, attract, and reward key employees.
My episode with Professor Joseph Fuller of Harvard Business School is a good source of his findings at HBS’s Managing the Future of Work project. You can find it here or on DCRadio on 96.3 HD4 weekday mornings at 9:00 am, and here is a link to my article, Group Long-Term-Care Insurance Deserves a Closer Look, Financial Planning Articles for Financial Advisors & Wealth Managers.
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For more info you can reach me on this Substack or at whatsyourplan68@gmail.com
Noel A. Evans
Long-Term Care Specialist
Host, What’s Your Plan? — A Podcast on Long-Term Care & Caregiving
(757) 409-9065
whatsyourplan68@gmail.com
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