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| Kersten and Associates 900 Fort Street Mall, Suite 400, Honolulu Hawaii 96813 Phone (808)531-3137 Fax (808)261-2626 kerstenandassociates@live.com |
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Most companies are accustomed to employees taking time off because they are sick or because their children are sick. With increasing frequency, more employers see employees needing additional time off the job to take care of family members who require care, either due to age, illness or a prolonged disability.
According to recent studies by the American Council of Life Insurers, more then 25% of employees take leaves of absence to take care of family members needing extended medical care, 64% reduce their working schedules, and 10% wind up turning down promotions or advancement opportunities they have worked hard to achieve. One in three caregivers must eventually quit their jobs. For these employees, this means not only lost wages but also lower Social Security Benefits and lower company pension payments at retirement. Employers have lost over $29,000,000,000 - $29 billion dollars -- in lost production because employees need time off to tend to their families' sudden long term care needs.
In today's world of employee benefits, Long Term Care is becoming a focal issue. More than 40% of employers are now actively pursuing or enrolled in Long Term Care programs. For those who have started such plans, the vast majority of their employees feel more secure and have greater peace of mind. Such a program means that their families are taken care of and they protect their hard-earned benefits and positions. Moreover, Long Term Care Insurance helps individuals have greater control over the care they might need in later years which helps them maintain their dignity and a level of independence.
Long Term Care Insurance can be designed to meet specific employer demands. A plan can be strictly voluntary. or it can combine a portion of employer-paid benefits for one class of personnel with a voluntary program for the remaining employees. (You may want to include this plan with an offer for other voluntary benefits, such as Supplement Life and/or Accidental Death and Dismemberment.)
A Long Term Care Insurance program can also greatly enhance your firm's Executive Benefit plans. A separate and totally independent plan can be designed to fit the special needs of key personnel.
