WHY DOES OFFERING GROUP LONG TERM CARE INSURANCE MAKE SENSE TO AN EMPLOYER?
1) Four in ten adults in the U.S. are caregiving for an adult or child with significant health issues, according to Pew Research.
2) Another study by the National Alliance for Caregiving showed that Nearly 73 percent of the 65 million people who provide care for a family member or friend work either part-time or full-time.
3) The same study said employees who were Caregiving were costing employers an estimated $13.4 billion per year extra.
4) Another study by the National Alliance for Caregiving said that offices are full of “closet” caregivers who fear that their bosses will think they’re not fully committed to their jobs if they also provide caregiving. Since the economic downturn, 50 percent of caregiving employees were less inclined to ask their boss for time away from work to care for an older loved one.
5) Additionally, chronic stress, depression and burnout increase caregivers’ health costs to employers by 8 percent, on average, compared with other employees.
IF YOU ARE AN EMPLOYER, BENEFITS CO-ORDINATOR OR HAVE INFLUENCE WITH YOUR EMPLOYER OR A GROUP YOU BELONG TO, YOU COULD BE INSTRUMENTAL IN SETTING UP A GROUP PLAN!
THESE ARE SOME OF THE BENEFITS OF THOSE PLANS:
They can be:
1) 100% employee paid
2) Include rate discounts and underwriting ‘concessions’
3) Available to employees, spouses, Parents, Grandparents, in laws, siblings, and adult children
4) Can be payroll deducted or direct billed
5) Provide income-tax free benefits
6) Be fully portable when employees / members leave or retire
7) Can include ‘Short Pay’ plans