Every November, Long-Term Care Awareness Month serves as a reminder of something we tend to avoid thinking about: what happens when we or a loved one needs extended care?
Whether it’s due to aging, illness, or an unexpected injury, long-term care (LTC) is something 7 in 10 Americans will need at some point in their lives. But far too few are financially prepared.
For employers and benefits brokers, this moment is a powerful opportunity to educate, engage, and empower employees — especially with more innovative, more accessible options like life insurance with long-term care benefits.
At The Voluntary Benefits Shop, we specialize in helping brokers and employers integrate hybrid life + LTC products into their voluntary benefits offering, making it easier than ever to plan for the future.
Understanding the Need for Long-Term Care
Long-term care includes the personal support services people need when they can no longer perform basic daily activities, such as bathing, eating, or dressing. This care may be delivered in-home, in assisted living facilities, or in nursing homes, and it’s rarely covered by health insurance or Medicare.
What Does It Cost?
According to Genworth’s 2024 Cost of Care Survey:
- A private room in a nursing home costs over $125,000 per year
- In-home care services cost $75,000+ annually
And the need is only increasing. As the U.S. population ages, long-term care costs are rising fast. But most Americans don’t have a plan in place for how they’ll pay for it.
Life Insurance with Long-Term Care Benefits: A Smarter Solution
While traditional LTC insurance used to be the go-to solution, it came with challenges: high premiums, strict underwriting, and “use-it-or-lose-it” policies that didn’t appeal to many employees.
That’s where hybrid solutions come in, and where The VB Shop shines.
What Is a Life + LTC Hybrid?
Hybrid products combine life insurance with living benefits that can be accessed in the event of a chronic illness or long-term care need. These benefits allow the insured to access a portion of their life insurance benefit early, helping to pay for LTC expenses without draining retirement savings or burdening family members.
Here’s why these products are gaining traction in the workplace:
- Guaranteed or simplified underwriting
- No “use-it-or-lose-it” risk — if LTC isn’t needed, the policy still pays a life insurance benefit
- Portable coverage — employees can take it with them after they leave
- Affordable group rates and payroll deduction options
And perhaps most importantly, employees love them. These policies solve two problems at once: protecting loved ones financially and planning for future care needs, all under one roof.
Why Brokers & Employers Should Pay Attention This November
1. Employees Are Ready for This Conversation
More workers, especially Gen Xers and Millennials, are actively thinking about future care for aging parents, and their own potential needs down the road. Hybrid policies meet them where they are: financially practical, easy to understand, and family-focused.
2. It Reduces Caregiver Burnout in the Workforce
Over 53 million Americans are unpaid caregivers, many of whom balance full-time jobs. Offering LTC benefits shows employees you recognize their caregiving stress, and it supports long-term productivity.
3. It’s a Win-Win for Recruitment & Retention
Financial wellness benefits like hybrid life + LTC insurance are becoming a competitive differentiator in today’s talent market, especially for small and mid-sized employers who want to stand out without adding costly group plans.
Your Partner in Simplifying Long-Term Care Benefits
At The Voluntary Benefits Shop, we work hand in hand with brokers and employers to offer turnkey enrollment, education, and implementation support, ensuring that hybrid life + LTC products aren’t just added to the benefits menu but are actually understood and valued by employees.
Our team helps with:
- Custom Enrollment Strategy & Communications
- Education That Actually Engages
- Year-Round Support for Ongoing Engagement
Whether you’re a broker looking to grow your book or an employer focused on enhancing benefits without breaking the bank, we’ll tailor a solution that fits.
Busting Common Myths About LTC Coverage
During Long-Term Care Awareness Month, take the time to clear up some common misconceptions:
“I’m too young to worry about this.”
Planning early can lock in lower rates and ensure insurability.
“My health insurance or Medicare will cover LTC.”
These programs may cover short-term rehab, but not long-term personal care.
“LTC insurance is too expensive.”
Hybrid policies can be offered with guaranteed issue and flexible benefit amounts, often more affordable than expected.
Final Thoughts: The Future Is Hybrid
We’re not just seeing a shift, we’re helping lead it.
Employees want flexible, multi-use benefits that protect them today and tomorrow. Hybrid life insurance with LTC benefits is the modern answer to long-term care planning, and The VB Shop is your expert guide in bringing these solutions to life.
Contact The VB Shop today to build a custom Life with LTC strategy for your clients or team.