As the workforce ages, it seems age is not always accompanied by wisdom, as research from Prudential Financial shows just a small number of employees understand the benefits of long-term care insurance. How apt then, that November is Long-Term Care Insurance Month.
According to Prudential’s study, Long Term Care Insurance:
* Three in 10 workers say they don’t have a plan or don’t expect to need long-term care services for them or their spouse. (Not good.)
* Among those that do have a plan, their expectations may be unrealistic given the rising costs of long-term care. The most common sources of funding cited for long-term care were 401(k) or retirement savings, followed by Medicare. (Even worse, given what we know about savings rates.)
* The education gap is greater for women. Women tend to do more of the caregiving and have more experience with caregiving, yet they are less likely to have a plan for their own long-term care needs compared with men. (Why ladies, why, must there be a gender gap for everything?)
So, I know it may seem like every month is some sort of “awareness” or “education” month — and maybe you’re right. but all the same, such celebrations offer an opportunity to drive home valuable benefits messages to your employees — all with free materials! — so I’d encourage you to take advantage. (And just so you can get a jump start on preparations, December is Colorectal Cancer Education & Awareness Month and National Drunk & Drugged Driving Prevention Month.)
Register or login for access to this item and much more
All Employee Benefit News content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access