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Bar News - July 25, 2003 Long-Term Care Insurance - The New Employee Benefit FOR MANY YEARS employers have offered disability insurance to help employees replace income when they are unable to work. Little thought was given, however, to the fact that disability affects an employee’s ability to save for the future, putting retirement income at risk. The solution for helping employees preserve retirement savings is to also offer long-term care (LTC) insurance. For employees of all ages, this coverage is a key component of retirement planning to help protect their income in the future. Retirees today are living longer and longer, meaning retirement savings must stretch further than ever. Some employees may not be able to save sufficiently for retirement or may even outlive their assets. Employers who offer LTC insurance to their employees can provide a safety net that extends income protection into retirement, and many employees prefer access to the coverage through the employer. A recent poll shows that 62 percent of workers would consider LTC insurance as a voluntary benefit if offered. If their employer would subsidize a portion of the cost, that figure jumps to 82 percent. As today’s workforce continues to age, more employees will approach their employers about sponsoring an LTC plan. Employers that want to be proactive can act now by offering LTC insurance as the natural extension of the disability insurance plans they’ve offered for years. Contact Sue Morand at the NHBA Insurance Agency, Inc., (603) 224-6942, for information on a special plan offering preferred rates to members of the New Hampshire Bar Association.
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