Attract talent, manage costs, and boost employee productivity by offering long-term care insurance.
Retain Your Staff with a Comprehensive Benefits Package
As people continue to live longer, the combination of retirement savings plans and healthcare coverage may no longer be enough to provide certainty and security. Offering or part-funding long-term care insurance could be an effective way for your business to create an employee benefits package that makes a difference when recruiting and retaining staff members.
Filling Coverage Gaps with Long-Term Care Insurance
Health insurance covers medical bills but leaves many costs uncovered for those who suffer from degenerative conditions or can no longer manage everyday activities. Long-term care insurance policies are designed to cover expenses for services such as home care, daycare, nursing homes, and respite care. Many of these services aren’t covered by Medicaid, which is typically only available when the individual has spent most of their assets. Long-term care insurance helps bridge these coverage gaps, providing additional security for your employees.
- How is the cost of long-term care coverage determined?
Several factors can influence the cost of your policy, including your age, health, marital status, and the amount of coverage you need.
- Covers the cost of services not provided by health insurance.
A long-term care policy can assist in covering care expenses if you experience a disability, disorder, or other condition that affects your daily routines and necessitates specialized care services.
Create tailored long-term care plans for your business.
Long-term care insurance plans differ widely in the types of care they cover and the criteria for triggering payouts. Find a plan that fits within your budget while providing comprehensive coverage for your employees.
Thinking about adding long-term care insurance to your employee benefits package? Get in touch with us to discuss the best options for your needs.
Compliance Audits
Risk Factor
Compliance audits are increasing and Department of Labor fines can be costly. Do you have all of the documents and paperwork at your fingertips should you receive an audit letter?
Solution
A good benefits broker will educate you on the compliance pieces so that you are prepared for that dreaded day. A wrap document covers most of what is required and the remaining forms should be readily accessible with proof of distribution to employees and/or eligible participants.
Disability
Risk Factor
Many employers are faced with offering lower wages than their competitors and find it difficult to find and retain qualified workers.
Solution
Offering a short-term and/or a long-term disability program can provide prospective and current workers with another form of financial stability. An employee may be offered a higher wage elsewhere, but are they offered protection if that paycheck stops due to pregnancy, illness, or other disability? How will they pay the mortgage or other bills? Employers offering a disability plan can provide peace of mind to their employees and gain an advantage over those that don’t.
Group Dental Coverage
Risk Factor
Failure to have regular dental checkups can lead to more serious problems than a toothache.
Solution
Offering dental coverage to your employees can help encourage them to see a dentist on a regular basis. Gum disease has been linked to heart disease as well as diabetes. Catching these issues early not only helps your employees’ health, it may help reduce your long-term health insurance costs before a big claim hits!
Group Life Insurance
Risk Factor
When employees are worried about their financial situation, they may not be as productive. Many individuals today do not have life insurance or adequate savings to cover final expenses, which places additional stress on employees and/or their families when the need arises.
Solution
A group life insurance plan can put your employees’ minds at ease, knowing their family will have resources available when they need them. Policies can also include a dependent benefit to help the employee pay for expenses if their dependent passes. Another solution is to offer a voluntary life benefit whereby the employee pays a lower premium through payroll deduction than they would if they found coverage on their own. Group life insurance is also tax deductible.
Voluntary Coverage
Risk Factor
Not being able to meet an employee’s individual needs can pose a threat to worker retention and attracting new talent, both of which can be costly to your bottom line.
Solution
Offering voluntary coverage lets your employees choose benefits that are important to them. It’s a cost-effective way to provide a variety of benefits at little or no impact to your monthly premiums. Examples of voluntary coverage include:
- Critical illness, hospital indemnity, and cancer coverage.
- Life, dependent life, short-term, and long-term disability coverage.
- Dental care.
- Vision care.
Group Health Insurance
Risk Factor
One of the main factors in attracting and retaining good employees is the benefit program offered by employers. This typically starts with your group health insurance plan.
Solution
Regardless of the company’s financials, there are ways to make health insurance available to your employees and their dependents. Offering health insurance doesn’t have to break the bank. There are many solutions available to small, mid-size, and large employers.
Vision Care Coverage
Risk Factor
Similar to dental coverage, if your employees are not getting regular eye exams, they may have underlying medical conditions such as heart disease or diabetes that can surface later at a greater expense to your medical plan.
Solution
Offering vision care coverage is a very affordable component to offering health benefits. It’s an inexpensive portion of the benefit package with a high value of return and can help offset the impact of increased medical costs, becoming a cost-effective, early intervention tool.