Growth in the long-term care market has been on the upswing the past several years. The turbulent economy and recent changes to health care have increased awareness of this valuable protection. Employers are taking this time to re-evaluate their employee benefits and many see LTC insurance as a product that can be easily added to a benefit plan without a lot of additional costs.
Health care reform, specifically the Community Living Assistance Services and Support Act, has given much-needed attention to the issue of long-term care and reinforces the need to plan for the costs of that care. Benefits from this new program are designed to pay for limited home care services. However, they may fall short in meeting the complete long-term care needs of many people – and is years away from actually paying any benefits. More employers recognize this, and as a result, are turning their attention toward private insurance.
