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The Spotlight is on Long-Term Care: Is it Good for Your Employees?

March 15, 2024

In recent years, long-term care has moved into the spotlight, and it is gaining traction, thanks to the Washington Cares Fund, which is funded by working residents of Washington state so they can have access to long-term care when they need it.

Numerous states have since started to consider similar state laws that would address long-term care. For instance, California’s legislature is considering an actuarial report that will help determine if providing long-term care is feasible. Likewise, Minnesota has released the results of its actuarial study and Massachusetts is set to perform its own study this year.

States making the transition from conversations about state long-term care programs to putting resources and funding towards actuarial studies speaks to the importance of long-term care planning for everyone.

America’s aging population underscores this need. According to the U.S. Department of Health & Human Services, 44% of people who receive long-term care are under the age of 65. Furthermore, 70% of people over 65 will need long-term care, according to AARP.

However, a state program likely isn’t enough to cover care needs. For many, it will take a package of retirement savings, insurance and government assistance. To put into perspective, home care is roughly $55,000 for three years, assisted living is roughly $53,000 for two and a half years and a nursing home is roughly $113,000 for two and a half years.

Long-term care insurance covers services supplied in the home, in a community organization setting or in another facility designed to meet the needs of those who need extended care beyond the hospital. It is recommended that people begin researching and buying long-term care insurance in their 40s to secure lower rates.

It is important for employers to take action now. Oswald assists employers in playing an important role in providing affordable and accessible long-term care coverage to employees and their families by working with the market to obtain comprehensive, affordable coverage.

Learn more about the Washington Cares Fund.

To further understand the policies and effects of Long-Term Care that may be coming to your state soon, register for our webinar April 18, “Long-Term Care Legislation Update.

Contact me to explore how you can help your employees prepare for the future so they can focus on today.

Long-Term Care | Kerryn Limongi