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As science continues to progress, so does medicine. The human life-span has almost doubled in the last 140 years, which means that our population is older than ever.
While medicine has prolonged life, it hasn’t necessarily made it easier for those who make it to the later stages. This is where long-term care comes in.
Long-term care refers to any kind of assisted living one might need in the later stages of life, such as dressing, bathing, and getting around. 52% of people 65 or older will need long-term care at some point, and most of those people will need it for over a year. It represents a huge expense that must be planned for decades in advance.
Altura Benefits helps you provide long-term care insurance for your employees, so they can rest assured that this expense doesn’t make their life any harder than it needs to be in their later years.
To find out how Altura Benefits can help you, get a quote today!
At Altura Benefits, we don’t just find the best policy for your team; we help you strategize your insurance benefits plan to ensure you’re not only getting the best deal, but that your employees are getting the coverage they need, for life.
Begin your journey today by giving us a call or dropping a message. Your perfect long-term care group insurance plan is just a few steps away!
A group long-term care insurance plan is typically a voluntary insurance plan provided to employees of your business. This usually means that the employee pays all of the costs for the insurance, although there are certain plans that allow for the long-term insurance to be a pure benefit to the employee.
Employee long-term care insurance exists to benefit the middle class. Since those with lower incomes typically qualify for Medicaid-covered long-term care, and the upper classes can usually afford to self-fund their long-term care, those two groups are at less of a need for long-term care insurance for employees.
The middle class is stuck between rock and a hard place, because they neither qualify for Medicaid nor are able to afford the rising costs of long-term care without insurance.
Providing your employees with a long-term care solution is a great way to show that you care about their longevity. While employee insurance for long-term care can be confusing, Altura Benefits is here to walk you through getting the best options for your team.
There are multiple forms a long-term care insurance package can take. First, it might come as a standalone care plan – a purpose-built insurance package wherein your employee pays premiums on a monthly, semiannual, and annual basis. When the employee needs long-term care, it is paid for by the policy.
Another form it could take is as a rider on a life insurance policy. In this case, it’s essentially tacked on to a regular life insurance policy, with a separate premium paid.
Finally, it could be integrated as an either/or option with the death benefit of a life insurance plan. This means that, if your employee does not need long-term care, the money put towards it will be paid out to his or her beneficiaries after death. If he or she does need long-term care, then it will be covered, like a regular insurance policy.
Because there are so many ways long-term care can be insured, Altura Benefits is here to walk you through it and make sure your employees get the best possible option.
Contact us today to find out how we can provide value to your business!
What services are typically covered with group long term care insurance?
Long-term care can cover any combination of the following: assisted living, hospice care, respite care, nursing home expenses, and Alzheimer’s care.
Am I required to offer long term care insurance to my employees?
No. Businesses, by law, are not required to provide long-term care employee insurance. If you’re at all unsure of which benefits you must provide to your employees, consult a lawyer or your state’s department of labor.
Are you a company looking for benefits or an individual seeking insurance? We are here to help. Answer a few questions and we can get you a quote. Get started by filling out the information below.