Employee Long-Term Care
Today employers who seek to attract and retain excellent employees are always looking for additional employee benefits to enhance their benefit's package. By purchasing Long Term Care Insurance through their employer an employee can lessen the overall cost of this critical benefit. This is a benefit that, until recently, was not readily included in an employers benefit package. However, with the ageing work force and heightened awareness of the need for Long Term Care protection, more and more employers are adding this to their benefit package.
This insurance helps to pay for nursing home, home health care, and other similar facilities or services due to a prolonged illness or disability. If one of your employees (and, in some cases, their dependents) were confined to a nursing home or in need of extended home health care, Long Term Care insurance can pay benefits to help defray the costs. It can also provide relief for family members, who might otherwise have to assume the financial and hands-on responsibility for providing care.
Most often an employer will offer Disability income insurance to help replace a portion of an employee's lost income and Health insurance to pay for expenses due to medical conditions that tend to be short-term in duration. But if you or your employees have a long-term chronic medical condition they will have a definite need for long-term care.
This is another employee benefit that will promote goodwill with your employees and if purchased by their spouse or another dependent can actually enable an employee who may be a caregiver to continue working, thereby reducing lost productivity, hiring costs, training costs and overtime expenses for the employer.