The Benefits of Offering Long-Term Care Insurance


Long-term care insurance is a voluntary benefit many overlook. Fewer than 7% of adults over 50 have a long-term care policy.

What is Long Term Care Insurance

Long-term care (LTC) insurance is very different from standard medical insurance policies. An LTC policy is designed to pay the costs associated with long-term health support and services. These services are typically needed following a long-term health condition.

Generally, people will only use these benefits when they lose the ability to perform routine daily activities. This coverage pays for professionals to help policyholders with things like dressing, bathing, and addressing cognitive impairments.

How LTC Insurance Benefits Employees

The key to a small business’s success is a team of motivated and loyal employees. There are numerous things a business owner can do to keep their employees loyal, like offering them an ever-expanding benefits package. Employees are far more likely to stay with a company if they receive perks like medical and LTC insurance benefits.

The closer a person gets to retirement, the more they start to think about the cost of life after a full-time job. Most people realize that one serious medical problem can lead to financial turmoil in their golden years. With the addition of LTC insurance, you can provide employees with peace of mind knowing that their retirement savings will be undisturbed if they need long-term health care.

LTC insurance also helps individuals take control of decisions regarding their long-term health care. Most people dread the thought of depending on the government or family members for financial support in the event of a long-term health problem. With LTC insurance coverage, employees can mitigate the financial risk of serious health problems requiring long-term care.

The Benefits LTC Insurance Offers Employers

Studies show businesses with high employee retention rates are usually four times more profitable. If you provide employees with a great benefits package that includes LTC insurance, improving retention rates should be no problem.

When employees have to deal with a long-term care issue dependent on their own, it can reduce their productivity at work. Trying to work a full-time job and care for a sick relative can become overwhelming for an employee. With LTC insurance, employees can pay for the professional help needed to provide their loved one with the care they deserve.

The VB Shop Long-Term Care Insurance Solution

Our Broker partners choose to work with us because:

  • We offer an increasingly popular strategy for making LTC benefits more accessible to the average employee by offering permanent life insurance plans that have them built-in.
    • These plans include the ability to apply at initial offering without answering health history questions, early withdrawal of benefits for terminal illness diagnosis, cash value accumulation, and portability at the payroll rate.
    • Participation options for as few as five employees.

Working with the right partner matters a lot with benefits like this.

Because of our carrier relationships, clients of The Voluntary Benefits Shop get much higher levels of guaranteed issue coverage than they would if they tried to arrange these plans independently.

If you are a Benefits Broker and have a client that this might sense for, please contact us today.