Few Companies Offer Long-Term Care Insurance to Employees

By Steve Elliott | August 28, 2023 | Comments Off on Few Companies Offer Long-Term Care Insurance to Employees

How many companies offer their employees some type of retirement benefit package? Probably the majority, right? It might be investing in a 401(k) or it may be stock options for the company itself. Whatever it is, many larger businesses and companies tend to provide retirement package options for their dedicated workers. Yet, one thing few major companies provide is an option for long-term care insurance. You would think that if the company cares about its employees once they retire, making sure they are able to live the life they always dreamed of, they would recognize the importance of long-term care insurance.

Are you going to require long-term care in the future?

Long-Term Care Insurance Rancho Bernardo CA - Few Companies Offer Long-Term Care Insurance to Employees

Long-Term Care Insurance Rancho Bernardo CA – Few Companies Offer Long-Term Care Insurance to Employees

You might not. But in reality, far more than half of all seniors in their 70s are going to require some type of long-term care. Now, this might mean one or two months in a nursing home when you recover from injuries sustained in an accident or following a stroke or heart attack.

Short-term care is usually only for a couple of weeks, at best. That is usually covered by one’s primary health insurance, but if you have reached retirement age and are on Medicare or Medicaid, the federal government is only going to provide coverage for one type of elder care, most commonly nursing home care, but only after you have exhausted your savings and other assets, which often includes the equity in your home.

If you need long-term care, how would you cover it? How would you pay for it? If you have savings, investments, and other assets that can be liquidated, including owning a primary house, you would be responsible for these expenses first.

What is long-term care insurance?

It’s a type of insurance that will help to pray for long-term care in the event you or your spouse or other immediate dependent require it in the future. In other words, with more seniors living longer and people requiring long-term care more frequently as they age, it can help to protect all of those retirement investments and savings you spent 20, 30, 40 years or more building.

It’s not really about whether or not businesses are providing options for long-term care insurance to their employees, but the simple fact that most Americans don’t think in these terms about their future.
Most of us recognize we are mortal and will die one day. That’s why so many people carry some type of life insurance policy, whether it is term or whole life. But they don’t think about long-term care insurance because they don’t really think about needing it for themselves.

When should you start a policy?

Insurance experts stipulate that by your mid-50s you should begin a policy. You can start it earlier, which might help to lower the policy rate or increase your chances of getting a good rate if you have a family history of health issues that might lead to long-term care needs, but 55 tends to be the sweet spot most insurance providers talk about.

If you are approaching 60 or in your 60s, it may not be too late. But if you wait much longer, it could very well be, so don’t take that chance with so much on the line.

If you or a loved one are considering Long-Term Care Insurance in Rancho Bernardo CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today at (858) 350-3161.

Steve Elliott
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