For years, companies have recognized the wisdom of offeringemployee health wellness programs, as they positively impactemployee productivity, reduce absenteeism, and increase overallmorale. A logical next step is now gaining traction in the employeebenefits marketplace, namely financial wellnessprograms.

Similar to employee health benefits, financial wellness programsare designed to offer employees guidance and tools to promote theirlong-term financial health. Studies have shown that many employeesare distracted by their finances at work and that financialconcerns are their most common cause of stress.

Helping to alleviate this source of distraction and stress canimprove employee morale and productivity in the workplace,benefiting both the employee and employer.

A recent Bank of America Merrill Lynch Workplace Benefits Report found that 97 percentof large employers feel at least somewhat responsible for helpingtheir employees improve their financial wellness and 90 percentbelieve workplace financial wellness programswill be a standard element in benefit packages within a decade.

As with any benefits program, it is important to align financialwellness program offerings with the specific needs of variousemployee groups. For example, the interests and needs of those juststarting in the workforce will likely be quite different fromemployees approaching retirement age, when "retirement readiness"becomes a primary concern.

Those just starting out may be focused on financial prioritiessuch as paying down student debt or purchasing a first home. ForGen-Xers and baby boomers on the other hand, participating in afinancial wellness program that helps them take a close look atexpected retirement income, health care and related expenses willlikely be of utmost importance and viewed as an extremely valuablebenefit.

An important component in those discussions, but one that isoften overlooked, is long-term care.

Studies have shown that more than 70 percent of people over age65 will need some long-term care (LTC) support in theirlifetime. Given that the average annual cost of a moderate homecare claim is $50,000 and the average annual nursing facility claimis $90,000, it is clear that LTC can have a major impact onanyone's retirement plan.

Employers looking to expand and rethink their benefits offeringscan start by looking at their benefits holistically — not insilos.

Repositioning group LTC insurance as part of an overall wellnessprogram (health and wealth) makes sense. One way to think about itis as 401(k) insurance and lifestyle protection coverage.

Group LTC insurance holds a number of significant benefits foremployees. In addition to protecting retirement savings andlifestyle, there are discounts only available when purchased on agroup basis. Pricing is gender neutral, which is a particularlyfavorable advantage for female employees, who can obtain coveragefor 35 percent to 40 percent less than would be available bypurchasing an individual policy.

Moreover, there is simplified underwriting for group LTCinsurance and policies are fully portable. Additionally, LTCcoverage gives employees a sense of control over their futurehealthcare choices and has the potential to relieve family membersof the responsibility to provide long-term care.

While including LTC in the employee financial wellnessdiscussion makes sense for all these reasons, some of the residualhesitancy to do so may be due to a lack of familiarity amongbrokers and HR professionals with the group LTC productsavailable.

However, it is important to remember that help is available fromSpecialized LTC Advisors who are well-versed in best practices andtrends and can assist in guiding the discussion of LTC insurancewith employers and their employees.