The Employer’s Dilemma
Problems can arise when your employee needs to balance work with the role of caregiver to an elderly parent or loved one. These problems can include tardiness, early departure, unscheduled days off for emergencies, taking a leave of absence, switching from full to part-time employment or even resigning or retiring.
With no other person available to care for the parent or loved one, your employee becomes the caregiver. Over 90% of caregivers alter their work habits in a negative way. Employers are worried about the loss of productivity. It is estimated that lost productivity due to care giving costs U.S. businesses up to $29 billion annually (1997 MetLife Study of Employer Costs for Working Caregivers).
The Employee’s Dilemma
Care giving hinders an employee’s ability to do their best. It can hinder their ability to advance in their job as they pass up promotions or new assignments. They also lose money in lost wages, lost social security and pension contributions due to time off or leaving their jobs.
Employees are also faced with the fact that a life-altering change could unexpectedly happen to them. The U.S. Census Bureau states the likelihood of a disability increases from about 22% at age 45 to nearly 50% at age 65. The Health Insurance Association of America estimates that 50% of today’s workers will need some level of long-term care services in their lifetime. Current health insurance and disability income policies do not cover these long-term care costs.
By offering long term care insurance to your employees and their family members as part of your benefit package, you can help relieve the financial and emotional strain of giving care OR receiving care. Long term care insurance is a product for all ages; nearly 40% of the 13 million Americans receiving long term care services are under the age of 65.
As an employer you have the option of offering either employer-paid or voluntary long term care insurance programs. Plans can be tailored to meet your company’s needs.
CSIS can design a plan to incorporate long term care insurance into your existing benefit program. Enrollment presentations for your employees will answer their questions and demonstrate your commitment to their welfare.
Taking the Leadership Role
As a responsible employer you know that your employees look to you for a comprehensive benefit package. Employers “in the know” can help take the financial, time-demanding predicament of care giving away from their employees and their families and help your employees protect their own financial futures. With your help, your employee will not have to choose between being a caregiver or doing their best on the job. The addition of long term care insurance to your employee benefit package will provide your employees with peace of mind by ensuring that they and/or their family members will be well cared for when long term care services are needed.
Benefits to the Employer
Helping your employees prepare for the future will make them realize the company they work for cares about them. In return, they will give you a higher level of productivity and increased loyalty.
Adding long term care insurance to your benefit package can help employers recruit and retain talent in today’s competitive marketplace.
Tax incentives are available to employers who offer long term care insurance to their employees.