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Recent studies estimate that employers in this country
are losing up to 29 billion dollars a year because of lost
productivity 1.
This is not due to their employees being hurt or sick, but
because their employees are taking care of someone else.
Today, over 22 million families - almost one-in-four households
in America - are providing long-term care (LTC)
2 - helping with dressing, bathing, eating,
etc. - to a family member, relative, or close friend. As
America ages, this number will continue to grow.
Most people who need long-term care want to stay at home,
but having a health care professional visit just three times
a week can cost over $12,000 a year. And full-time care
at home may cost double the expense of a nursing home 3.
Not many are able to afford that so they must turn to their
family for care.
 When
an employee must help take care of a loved one, they may
often have to take time off from work, or use vacation time
or sick leave. These employees may arrive late, leave early
and miss important business meetings. In more severe situations,
they may have to reduce their hours, take unpaid leave,
decline a promotion, or refuse to transfer to another location.
In the worst cases, they may just have to quit.
The need for long-term care not only impacts your bottom
line, it also may impact the retirement security of your
employees. While many employers encourage employees to take
advantage of 401k, IRA and other retirement programs, and
my even contribute financially to them, most fail to encourage
them to help protect the nest egg they are working so hard
to build.
Fortunately, your company can be part of the solution.
By incorporating LTC insurance into your employee benefit
program you can keep your employees productive and help
them and their families better prepare for their future.
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