Long-Term Care Benefits as an Employee Benefit
Owning a Long-Term Care Benefit
Owning a long-term care benefit is about more than just securing your financial future. It's about fulfilling the promises you've made to your family. Not having a caregiving plan in place can come with substantial financial costs. Becoming the primary caregiver, whether part-time or full-time, can take an emotional toll on you and your loved ones. But worst of all, not having a long-term care plan in place can lead to a worst-case scenario, putting you and your family's future at risk.
Employers and employees are beginning to understand the importance of long-term care planning because owners, executives, managers, and employees have experienced the challenges of caregiving with their family and friends.
Numerous employees with caregiving responsibilities admit that caregiving affected their ability to focus on their assignments, or they had to give up promotions. Many have left employment to care full-time for family and friends, which affects their financial future.
Purchasing LTC insurance as an employee benefit is a cost-effective for employees to own caregiving benefits. It may also be the only coverage some employees qualify for based on their health assessment.
Why Offer A Worksite Long-Term Care Benefit
Long-term care insurance is becoming an essential benefit for companies. The needs of employees are transitioning because of lifestyle and longevity. Child care, pet insurance, and other lifestyle benefits have been included in company benefits. LTC benefits must be a benefit that needs to be part of employee benefits.
Employers are searching for valuable benefits to attract their most important asset, their employees.
Employees are providing care to their parents and family members.
The rising cost of care and the increase in caregiving needs, several states are evaluating a new payroll tax to fund a modest long-term care benefit. Some of these states may allow an exemption from the tax if the employee already owns long-term care insurance.
The cost of care is significant, and a long-term care benefit should be a consideration in retirement planning.
Guaranteed issue: It could be the only long-term care benefit some employees can qualify, and it is within their budget.
Benefits are portable (you can take the plan with you)
Simplified enrollment process
May qualify employees for exemption from long-term care payroll tax
Early adopters of this strategy will benefit from the availability of LTC Benefit choices.
Lavine LTC Benefits proudly serves clients in Gig Harbor, Tacoma, Seattle, Spokane, Bremerton, Port Orchard, Port Townsend, Port Angeles, Grays Harbor, Olympia, Vancouver, Washington State and the surrounding areas.