Long-Term Planning

Long-term-care insurance is acquiring a higher profile. Year after year, this specialized coverage for people who need care in nursing or assisted living facilities or at home has been gaining visibility on employers' lists of benefits offerings, and workforce trends suggest it will continue do...

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Bibliographic Details
Published inHRMagazine Vol. 52; no. 5; p. 85
Main Author Weaver, Peter
Format Trade Publication Article
LanguageEnglish
Published Alexandria Society for Human Resource Management 01.05.2007
Subjects
Administrative expenses
Age
Alzheimer's disease
Baby boomers
Beneficiaries
Consulting firms
Discounts
Employees
Employers
Families & family life
Human resource management
Illnesses
Insurance coverage
Liability insurance
Long term care insurance
Long term health care
Productivity
Retirement benefits
Workforce
United States > US
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Summary:Long-term-care insurance is acquiring a higher profile. Year after year, this specialized coverage for people who need care in nursing or assisted living facilities or at home has been gaining visibility on employers' lists of benefits offerings, and workforce trends suggest it will continue doing so. Certainly, as baby boomers move toward retirement, more and more are likely to see advantages in having such coverage for themselves, particularly if they can get group-discount prices through long-term-care (LTC) plans arranged by their employers. While LTC coverage does not extend to health care expenses, it does cover -- when needed -- professional help with the tasks of daily living. While employers' costs in sponsoring group LTC insurance generally are minimal, the business gains can be substantial through reduction of productivity losses. An employer who decides to offer LTC coverage will find there are many providers willing to set it up and offer premium discounts.
ISSN:1047-3149