Companies Can Benefit from LTC
By benefitting employees, long term care insurance benefits the company. Consider these sobering facts:
This year, about 9 million Americans over the age of 65 will need Long Term care services. By 2020, that number will increase to 12 million. While most people who need Long Term care are age 65 or older, a person can need Long Term care services at any age. Forty (40) percent of people currently receiving Long Term care are adults 18 to 64 years old. source: National Clearing House for Long Term Care (Administration on Aging, Washington, DC 20201, Phone: 202 619-0724)Print source page
The odds are that long term care needs will affect someone on your staff. When a family member without LTC insurance needs care, the employee feels called upon to provide the care personally ... or to tap hard-earned savings to pay for professional care ... or to make do with part-tme care supplemented by his or her personal services. That takes time and energy from the workday.
Think of it. Your staff, possibly including you yourself, suddenly distracted and defocused. The result can be --
- Decreased performance.
- Absenteeism.
- Excessive turnover.
- Behavioral problems and contagious attitude issues.
- Weakened leadership (if you or a key manager is affected).
- Losses to competitors.
And reflect that many of your most valuable, seasoned employees can be candidates for long term care themselves. Working-age adults (those between 18 and 64) account for 40% of long term care services. source: National Clearing House for Long Term Care (Administration on Aging, Washington, DC 20201, Phone: 202 619-0724) Print source page
An organization's continued growth and income hinges on long term care protection more than most executives realize. This is especially so in smaller organizations, where the sudden incapacity of a single key player can be catastrophic.
