Group Long Term Care

"It's like having my own benefits department at my finger tips and allows me to spend my time on other pressing issues of equal importance. I would highly recommend BenefitsMart to any colleague"

Jim Brunelle
VP of Finance
ARCON Corp.

What is Long Term Care?: Long term care is the kind of care you need when someone needs assistance with activities of daily living (bathing, dressing, transferring, continence and eating) due to an accident, illness or cognitive impairment such as Alzheimer’s disease. Long Term care can be given in many places: your home, an adult day care facility, a nursing facility, or rest home.

Why should we offer group Long Term Care Coverage?: Many companies are offering their employees Long Term Care coverage. It is a very good benefit for companies to offer in their benefit package for several reasons. As the U.S. population ages, more and more of today's employees are stepping into the role of caregiver for a parent, an older relative, or a friend.This creates financial pressures and time for employees. For companies, when employees are absent or pre-occupied, the employer must train temporary workers or reassign job duties for their co-workers. It causes disruption and adds stress in the workplace. By offering LTC insurance in their employee benefits programs, companies can help their employees avoid financial disasters and remain productive on the job.

What is the likelihood that someone may need Long Term Care?: There is 1-in-3 chance that an individual will spend 2.5 years of his or her life in a nursing home.; The number of Americans who need long term care is expected to rise dramatically: from 9.3 million today to 12.9 million by the year 2020, to almost 19 million by 2040 * (the UNUM Disability and Long Term Care Study, Gallup Organization 1992); The need for LTC may increase faster. The aging United States population, advancing medical technology, and the increased incidence of AIDS, compared to some other insured risks, the chance of long term care being needed is greater.

What kind of Long-Term Care coverage is out there?: There are three levels of care:; Skilled Care which follows a clinical treatment plan and lasts for a relatively short period of time. Usually, Medicare and Medicare supplements, such as Medigap policies generally cover this type of care (for a maximum of only 100 days); Intermediate Care is occasional care given under the supervision of skilled medical personnel.; Custodial Care is the most common type of care needed and does not necessarily involve nursing or medical care. Medicare and Medicare supplements do not cover intermediate or custodial care.

Who should have a Long Term Care Policy?: If you do not have the financial resources to comfortably weather the cost of Long Term Care, you should consider this coverage. Keep in mind, a person with a comfortable retirement income can be caught in financial difficulty when they are faced with an annual bill of $50,000 or more on LTC. Wealthy people choose LTC coverage to preserve their income and their estates for this reason.

Site Maintained by
4Slice Consulting