Someone with an extended physical condition or a cognitive impairment such as dementia frequently requires long-term care such as living within a nursing home, assisted living facility or receiving home nursing.

This can be extremely costly and most people would run through their savings quickly if left to pay for these services on their own. Costs average upwards of $160 per day. Traditional medical insurance does not pay for long-term care as some may incorrectly assume. Long term care insurance pays the majority of the expense so that the insured can maintain their quality of life while simultaneously protecting their assets.

Offering employees the option of electing voluntary long-term care insurance shows them that they are valued as people. Long-term care, when offered through an employer as a voluntary benefit, can be structured to present several options with various policy riders included. These riders can include inflation protection, waiver of premium, or premium refund at death. You may also offer several choices of pre-packaged plans to simplify this process for employees. This could include a choice of benefit duration such as three years, five years or lifetime with certain pre-selected riders built in.

Many employer sponsored plans offer attractive group rates and simplified medical underwriting as opposed to a full medical exam. In addition these plan features often extend to spouses, parent and grandparents. Naturally, these voluntary long- term care plans are portable at the same cost in the event of a job change or retirement so that you may maintain this valuable coverage.