Long-Term Care Planning

Employers play a vital role in supporting their employees' well-being, both personally and professionally.

Among the benefits that can be invaluable to staff is long-term care (LTC) insurance — a safeguard that covers the expenses of extended personal care services needed due to chronic illnesses, disabilities, or age-related needs. Offering LTC insurance as an optional benefit choice can be very impactful, especially considering the caregiving responsibilities that many employees currently face.

The Importance of Long-Term Care Planning

Educational entities rely on dedicated and resilient employees. Yet, long-term care planning remains a largely overlooked benefit within many organizations, even though it’s crucial for several reasons:

• Health insurance and Medicare do not provide benefits for long-term care. Medicaid only covers long-term care after someone has depleted most of their assets. Long-term care insurance can help reduce financial stress on family members.
• According to the 2023 Genworth Cost of Care Survey, the average cost of long-term care in Texas is $5,339 per month for a home health aide and $4,915 per month for assisted living.
• There are currently more than 53 million family caregivers nationwide, and that includes employees in your organization who are filling those roles. These caregivers understand the importance of taking responsibility to plan for their own long-term care. 
• Without LTC insurance, those who require long-term care often turn to their families to provide the care. This can leave family members with steep out-of-pocket expenses and a life-changing impact on their careers and earning potential. LTC coverage can provide staff with a financial safety net that reduces financial and emotional stress for families.
• LTC can enhance employee retention and morale. Offering LTC insurance as a benefit demonstrates a district’s commitment to the long-term well-being of its employees.

What is Long-Term Care?

LTC refers to a range of services and support designed to help people unable to perform everyday activities on their own due to a medical incident, chronic illness, disability, or aging-related conditions. Unlike traditional medical care, which focuses on diagnosing and treating illnesses, LTC provides assistance with daily tasks that allow individuals to maintain a level of independence and quality of life.

• Types of services: LTC includes a variety of personal care services that help people with activities of daily living (ADLs), such as bathing, dressing, eating, using the bathroom, and mobility assistance. It can also include "instrumental" tasks like housekeeping, managing medications, preparing meals, and transportation.
• Where it’s provided: Long-term care can be provided in multiple settings. This includes in-home care (by family members or paid caregivers), community programs (like adult day care), assisted living facilities, and nursing homes for more intensive, around-the-clock care.
• Who needs long-term care: Most people who need long-term care are older adults, but younger people with disabilities, chronic conditions, injuries, or who experience a medical incident may also require it.
• Duration of care: The need for long-term care can range from short-term support (such as after an injury) to long-term or even lifelong care for those with chronic, progressive conditions.

Leading the Way

School districts, community colleges, and education service centers have a unique opportunity to stand out as leaders in employee wellness by including LTC insurance in their optional benefits offerings. Making LTC insurance available along with caregiver resources can empower staff to be proactive about their well-being and protect their financial futures. 

More information about the LTC benefit is available on the TASB Benefits Cooperative webpage. For information on adding a long-term care or caregiving option to your benefits package, contact the TASB Benefits Cooperative team today.