Employee Plans

Most employees do not know that medical insurance and later Medicare do not cover long term care services.  Employer-sponsored long term care insurance fills the gap in traditional benefit plans.  This valuable benefit can be provided at little or no cost to employers.  It is offered at a discount to employees and their families along with easier underwriting (medical history) qualification than for individual policies.

As a voluntary employee benefit:  Employees pay the cost of voluntarily selected long term care insurance.  Long term care services cost average about $100,000 per year in Metro-Denver (in 2015), not far from the average cost nationally.  Ray Smith, The Long Term Care Specialist, provides the one-on-one education employees need to understand the risks they and their families are exposed to.  Ray also makes it easy for your Personnel/Human Resources staff to add long term care insurance to your employee benefits portfolio.

As an employer-paid:  Employers can be selective about whose policies are paid for, while still retaining powerful tax benefits.  This can be a good way to attract and retain key people.

    As a blend of voluntary and employer-paid:  For example, the employer could pay for a basic long term care insurance policy while allowing employees to “buy up” (and pay for the difference in cost) if they wish.  Many employees do so when presented with this caring opportunity.

    As completely employer-paid: Employers can choose to completely cover the cost of long term care insurance for all or a portion of the workforce including owner-employees.   

Valued employees are often forced to resign, decline promotions or move from full-time to part-time because of caregiving responsibilities.  Offering long term care insurance as a benefit, voluntary or otherwise, can improve presenteeism* by providing employees with the cash to pay for professional care for loved ones at home or elsewhere.  Long term care insurance can change a valued employee from a hands-on caregiver to a manager of care (and still productive employee). 

*Presenteeism: When employees are not only physically present, but are also focused upon their jobs, as opposed to worrying about how a loved one can be cared for.