Add long-term benefits? Why employers and employees should consider it.
Author | Brenner, Bryan K. |
Position | ADVICE: BENEFITS |
THE U.S. CENSUS BUREAU expects today's 65 or older population to double to nearly 70 million in 2030. It's critical for today's employers and employees to prepare now for the downside--chronic health conditions and the cost of long-term care--by adding long-term care to benefit packages. This benefit can have positive short-term results for a company.
Increased productivity, A survey done by the National Alliance for Caregiving and AARP says 14.4 million full- or part-time employed people are balancing work with caregiving duties and a report by the Mature Market Institute says when a chronically ill individual had long-term-care insurance, the caregiver was twice as likely to stay on the job, experience less stress and face fewer work disruptions.
Attracting talented employees. More employers are seeing the value of offering long-term-care benefits to executives and extending it to the broader workforce. It can be a powerful recruitment and retention tool.
High-value, low-cost benefit. According to the Genworth Financial 2007 Cost of Care Survey, the national average for a private room in a nursing home is $74,806 annually. Bringing an aide in three times a week to help with dressing, bathing, preparing meals and similar household chores can cost $12,000 a year. Add in the cost of skilled help, such as physical therapists, and the cost increases.
Employer-provided long-term-care insurance often delivers greater access to coverage, due to less...
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