The NHBA Insurance Agency, Inc., is pleased to announce that an arrangement has been made with Advanced Resources Marketing to offer a long-term care insurance program exclusively to members of the New Hampshire Bar Association, their family members and employees of their law firms.
Why long-term care coverage? Why now?
Long-term care planning is important because as the countrys population continues to grow older, the cost of care is escalating and health insurance and Medicare cover few long-term care costs. Some predict that long-term care issues will eventually affect 80 percent of all families, but only 15 percent of those families will be able to pay for such services.
Long-term care is care for chronic (as opposed to acute) conditions. It usually includes assistance with daily living activities. It can also range from help at home to skilled care in a nursing home. As Medicare does not cover long-term care in a nursing home, the bottom line is that most long-term care expenses will be paid from your funds, long-term care insurance, or Medicaid for those with limited resources.
Obtaining long-term care insurance can help you take control of your own care and decide between home health care and staying in a nu
Long-Term Care Insurance – The New Employee Benefit
For many years employers have offered disability insurance to help employees replace income when they were unable to work but little thought was given 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 life expectancies mean retirement savings must stretch further than ever and there is the possibility that 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% 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%.
As today’s work force continues to age, more employees will approach their employers about sponsoring an LTC plan. Companies that want to be proactive will act now by offering LTC insurance as the natural extension of the disability insurance plans they’ve offered for years.