When it comes to long-term care insurance, many people are left wondering whether or not they need it. In fact, not many people sign up for long-term care benefits even when they are provided to them by their employer. However, there are many misconceptions associated with how employees and employers alike approach long-term care insurance. If employees are not asking or inquiring about long-term care insurance benefits, it might be beneficial to explain the various myths that are associated with long-term care insurance. Here are the biggest misconceptions surrounding long-term care insurance.
It Can Be a Voluntary Benefit
There are a variety of multiple employer-sponsored products, some of which include those with certain pricing discounts and payroll deductions. Many people are unaware that long-term care insurance is a voluntary and supplemental benefit their employer could already be providing them.
Medicaid And Medicare Will Not Provide Long-Term Care For Employees
One of the most common misconceptions associated with long-term care insurance is that Medicaid and Medicare will provide long-term care. These services will end up restricting the employees’ options of where and how they end up receiving their long-term care. This also means that if Medicaid or Medicare doesn’t offer any custodial or home care, employees could be forced to spend their assets to pay for their long-term care.
Long-Term Care Insurance Can Be Affordable
Another misconception associated with long-term care insurance plans is that they are costly and that a young workforce won’t be interested in it at all. This couldn’t be farther from the truth. Many plans can end up being customized to meet employees’ budgets and potential long-term care needs.
No matter how old your employees are or what you may think their needs are, long-term care insurance should be discussed with all your employees and offered to them as a voluntary or supplemental benefit. Being able to provide your employees with long-term care is a great way to retain and attract some of the top talents out there.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than the MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today!