Benefits of Offering
a Long Term Care Program
Caregiving for a family member is often a stressful and difficult experience. It
can mean time spent arranging for care, or hours devoted to looking after a family
member. This is especially hard on people trying to juggle responsibilities at work
and at home.
As an employer, you have the ability to offer your employees voluntary long term
care coverage that is sometimes known as LTC 401K insurance. LTCi offered on a voluntary
basis can be very customizable and affordable to many clients.
Productivity
Studies have shown that 43% of older Baby Boomers have taken time off from their
jobs, and 17% have reduced the amount of time they work due to caregiving responsibilities.1
American businesses lose between $11 billion and $29 billion a year in productivity
costs due to workplace disruptions, scheduled and unscheduled absences and leaves
of absence, reduction from full- to part-time work, early retirement, or leaving
work early due in part to the responsibilities of caregiving.2
For Your Employees
By offering a plan from a large respected insurance provider, you demonstrate your
genuine concern for their well-being. LTCi provides an easy way to add a critical
component to their financial plan
Discounted premiums, portability, ease of payment, and guided assistance through
the decision process
All benefits received from policy are tax free Provides additional benefits to employees’
parents at no cost to the company Allows family members and spouses the ability
to apply for coverage with discounted group rates.
Caregiving Can Also Have a Direct Affect on
Your Company’s Bottom Line
59% of caregivers are employed3
More than half (57%) of working caregivers say that as a result of their caregiving
responsibilities, they have had to go to work late, leave early, or take time off
during the day3