As baby boomer workers grow older and employees of all ages worry about their economic security, it might be time to consider offering long-term care insurance as a voluntary benefit. More employers are, even as the number of carriers offering the insurance shrinks.
According to new research by health care benefitsfirm HighRoads, 51% of large employers make long-term care (LTC) insurance available to employees, up from 48% two years ago.
LTC insurance helps defray costs for people who need assistance with daily living. It covers skilled and custodial care in insureds’ homes, adult day care centers, assisted living facilities, nursing homes or hospice facilities.
Most employers that offer LTC insurance do so on a voluntary basis. That is, employees pay the premiums, so it costs employers nothing to provide.
HighRoads found that more than 90% of the employers that offer LTC do so as an additional benefit to their...(register to read more)