Take advantage of employer-sponsored long-term care insurance
Because nursing home fees are expensive, long-term care insurance is a worthwhile investment for people over 65 or who have a chronic illness and are unable to perform basic activities such as dressing, eating, bathing for themselves. Because health care services for people with disabilities are so expensive, many Americans have turned to insurance policies that cover a portion of the costs.
Few people are aware of the employer-sponsored long-term care insurance plans offered by 40% of companies in the United States, but only 2% of employees take advantage of these plans. Getting a long term care policy from your employer has many benefits and can save you a lot of money!
how to qualify
To qualify for long-term care insurance, you must not be able to perform two of the six basic daily activities, such as bathing, eating, dressing. A waiting period is required before the policy becomes active. Although some policies offer inflation protection, an employer-sponsored plan may not cover this problem. Group policies may limit some of the benefits offered by an individual policy purchased such as: home care and assisted living.
Do you need long-term care insurance?
More than 3 million Americans are unable to carry out daily activities without assistance. Nursing and home care services cost an average of $200-300 per day. A policy can cover apart from these expenses.
If you’re over 50 and your employer offers long-term care insurance, you should research it and decide if it’s in your best interest. If you think the coverage is too little, you can compare other insurance plans and decide which one is right for you.
You can also get a policy through your employer for a family member. Many middle-aged Americans support both their children and their parents. If you find yourself in such a situation, a long-term care policy can help you provide affordable health care for your elderly family members, without depleting your savings.
More and more employers are offering sponsored plans for their employees. This is a good addition to a benefits package for recruiting professional employees and improving workplace motivation and efficiency. Because the number of people who need help with daily activities will increase over the years, many companies provide insurance to their employees.
Your workplace may offer long-term care insurance without you knowing it! It’s important to ask and learn about these plans, because they can save you a lot of money!