What’s Long-Term Care?
Accidents. Serious Illness. Alzheimer’s disease. What if one of your employees was unable to do the basics—to bathe, dress, eat, use the toilet or get around? Could that employee survive financially? What about his or her family? That’s where you as an employer can be part of the answer by offering long-term care insurance.
Long-term care is not the same as traditional medical care. It goes beyond medical treatment and nursing care to help people cope in the face of a chronic illness or disability. Long-term care is help in performing the basics, or the activities of daily living (ADL).
Your employees often have many misconceptions about how they could pay for long-term care. Some think their personal savings will be sufficient. But the expenses can easily overwhelm your employee’s savings. Sadly, some employees may need to sell assets, even their home, to pay bills. If they’ve exhausted personal assets and meet the federal poverty guidelines, Medicaid will step in. Unfortunately, if your employees are covered under Medicaid, they won’t have a choice of where they get their long-term services.
Long-term care insurance can make all the difference. By paying a known premium, your employees can protect themselves from the risk of much larger out-of-pocket expenses if they need long-term care. Long-term care insurance is really about protecting your employees’ quality of life.
With long-term care insurance, your employees can receive long-term care services in a nursing home or in their own home. Community services such as visiting nurses, home health aides, home-delivered meals and adult daycare centers may also be available to help them.
As an employer, you have options. Employer-funded plans include:
- Base plan
- Executive carve-out
- Defined contribution
In addition, you can select an employee paid, voluntary option.
Long-term care insurance isn’t for everyone. The need for a long-term care insurance policy will depend on the employees’ age, health status, overall retirement goals, income and assets. There are two options your employees have to find the answers they need. First, if they feel more comfortable speaking one - on - one , they can contact our Long-Term Care Representative Rhonda Peterson , or they can visit www.MylifeMyfamily.com
Rhonda Peterson
Long-Term Care Representative
Rhonda.Peterson@noridian.com
866-392-4834 or 701-282-1595
Read more about Long-Term Care
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