Long Term Care
What is Long Term Care?
Will I Need Long Term Care?
How Much Does Long Term Care Cost?
Home health care costs range from $25,000 – $60,000 annually.
Who Pays for Long Term Care?
2) Self Insuring (with one’s assets)
3) Medicaid (individuals must qualify financially) Health insurance and Medicare are designed to pay for medically necessary skilled care and they limit what they pay for short term intermediate care. These types of coverage are not designed to pay for custodial care or help with Activities of Daily Living (ADL’s) such as bathing, transferring, toileting, dressing, eating, and incontinence.
Long Term Care Definitions
Intermediate Care: Short term rehabilitation
Custodial Care: Help performing Activities of Daily Living (ADL’s)/Long Term Care Disability insurance pays benefits when a person can not work due to accident or illness. It also pays for lost income, but will not pay for Long Term Care costs.
Employers
As an employer, offering long term care insurance as a worksite benefit can be very important to your overall strategy. Long term care insurance helps in recruiting and retention of top talent, contain health insurance costs, and bolster employee productivity (presenteeism). It also helps the employer provide education for their employees. Benefits can be added without cost to the company and can be carved out for certain classes of employees since there are no discrimination rules for long term care insurance.
As an employee, worksite long term care benefits provide access to long term planning, discounts on premiums, and possibly allow you a chance for coverage that may otherwise be declined if purchased outside the workplace.
MKH Insurance Services works with employers to:
- Educate
- Market to the top insurance companies
- Provide a comprehensive strategy for communication of the value to employees
- Conduct educational workshops for emplyees
- Build a web-based educational presentation for employees and family members to understand the benefits of a company-sponsored plan
- Provide one-on-one meetings with employees
- Provide re-enrollments for new hires
Contact MKH Insurance Services to learn more about Worksite LTC insurance:
- Premium Discounts
- Flexibility
- Simplified Medical Underwriting
- Portability
- Family Eligibility
- Level Premiums
- Executive Carve-Out Options