Group Long-Term Care

The cost of long-term care can be significant and potentially devastating to a family's resources and financial situation, both short- and long-term. Long-term care is a serious issue in this country today. One reason is the expense associated with care. The current national average total cost of an average length nursing home stay is $114,660. The projected cost by 2030? $495,560. Are your employees concerned about it? Are their retirement savings at risk? Overwhelmingly, the odds are "YES." Here's why.

According to a recent survey of public attitudes and actions relating to long-term care,

86% of those surveyed think providing long-term care (LTC) is a big problem.
82% think it is irresponsible not to plan for one's own LTC needs.
76% say the cost of LTC would significantly reduce their retirement income and assets.
67% believe the cost of LTC is the greatest risk to their standard of living during retirement.
Yet, only 12% of respondents feel they have adequately prepared for their own long-term care needs.

The care giving responsibilities of employees also can have a significant impact on their employer's bottom line. The loss to U.S. business because of such factors as workplace disruptions, time off from work and change of employment status is estimated at $11.4B to $29 billion per year.

Group Long-Term Care Insurance

Group Long Term care policies offer a simple solution for the problems your company and employees could face. With coverage (available to employees and retirees, their spouses and employees' parents) to help pay for the costs of long-term care services provided by professional caregivers, employees can better focus on the job and remain in the workforce should their loved ones need professional care.

Of the employee caregivers who made at least one formal adjustment to their work schedule,

22% took a leave of absence
20% changed from full-time to part-time
16% quit their job

Of the employee caregivers who reported that care giving affected their ability to advance on the job,

29% passed up a promotion, training or assignment
22% were unable to acquire new job skills

The distractions and associated productivity losses can be lessened, if not eliminated by offering long-term care insurance. According to a March 2001 study by MetLife, those caring for disabled loved ones who had long-term care insurance were two times as likely to stay in the workforce as those caring for non-insured loved ones.