Meeting

Work places are directly involved in elder care!

Reports tell us: 84% of employees are distracted coordinating care for a parent or family member. This has a large impact on an employee's productivity and the situation they are in is known as "presenteeism".

An AARP Public Policy Institute study gives us some specifics on the impact of working caregivers:

  • 83% arrive late; leave early; or take time off during the day
  • 41% have to take a leave of absence
  • 37% need to change from full to part time
  • 35% have to give up working

Many working care givers describe it as being torn between two jobs! it's a complicated and emotionally charged time for them.

A Families and Work Institute report indicates "49% of workers expect to care for an older family member or friend in the next five years."


What can employers do to lessen the impact of employees dealing with elder care?

Some firms have expanded their EAP by providing information on where to go for assistance. A more effective approach is to implement a voluntary Long Term Care insurance (LTCi) benefit:

  • Plans can be set up so family members can buy coverage and often get a 5% discount. A part of this is education to encourage employees to help pay for their parents coverage.
  • Employees who buy their own coverage feel more secure knowing they have protected their retirement savings. The result - they are more productive.
  • Employee interest is now higher than for the term life benefit.

Have a question

on a workplace Long Term Care benefit program - call (860) 739-0005.

 

How does this family focused benefit help employees?

  • Knowing they have a benefit plan, which includes an ever growing guaranteed pool of money and will also be in control of what long term services or support are used.
  • Any income from a disability plan can be used for living expenses and won't have to be diverted to cover assistance expenses.
  • Their savings and other money planned for retirement is protected.
  • They are very interested in obtaining LTCi through the workplace since it provides a way to create a safety net for their income and saving.

Another plus is the monthly cost for workplace plans is often lower. Why?

  • Taking action and purchasing coverage when relatively younger (40's and 50's) means a person will have a much lower cost.
  • Employer based plans often have a 5% discount. Employees can also gain discounts for being married or having a partner.

This special benefit helps people during their working years:

  • It is not unusual during working years for a person, following a change in health, to need long term services.
  • The American Association of Long Term Care Insurance has an informative page of how this coverage can be an effective employee benefit program.

     Having this benefit also means:

  • Employees recognize the firm is really concerned about them.
  • Improved recruiting since it is a highly desired benefit.
  • Workers with valuable skills will appreciate the benefit and stay in the work force. Thus, improving retention.
  • The EEOC now has guidelines to prevent discrimination against care givers. Having a LTCi benefit shows the firm is committed to elder care issues.

Employers gain special advantages with a Long Term Care insurance benefit!

The "tax rules" are more flexible than with health insurance. Here are some highlights of the IRS rules for Long Term Care insurance.

  • Today's economic situation means executives face a high probability their Federal and State income taxes plus payroll taxes will increase. The tax advantages of a LTCi benefit plan means it offers more value to key executives than traditional deferred compensation.
  • A LTCi executive benefit can be implemented with no additional cost to the firm. One effective approach would be to divert some executive bonus or deferred compensation program dollars to pay for the LTCi benefit.
  • LTCi is of considerable interest to executives since it normally is available to their spouse
  • Payments by the organization could also be connected to performance and/or continued service, which is a great way to retain important employees.

Call John C Parker [860.739.0005] to set a time to talk about implementing a Long Term Care insurance benefit program.

 

John C Parker, has achieved professional designations as a Long Term Care Insurance professional and a Registered Health Underwriter. John is licensed to conduct business in CT (644135) and RI (1058420) and does not solicit or sell in other states.

This site shares insights from extensive involvement in professional associations, industry conferences, working with leading Long Term Care Insurance organizations, and individual research. These pages do not advocate a specific company or plan.

 

Insightful advice - no cost to you.

John’s commitment to helping individuals prepare for needing help with day to day activities, in the most economical way, is rooted in parents needing long term services.

Call Now for a Free Consultation [860.739.0005]

 

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Call John today - (860) 739-0005 - we can visit; answer questions; and there will be no pressure. The meeting is free too.