It’s no surprise that an aging workforce is willing to invest inresources to protect them in the long term. Infact, according to a recent study by Genworth, four out of fiveAmericans want the option to buy long-term care insurance throughtheir employers.

|

“The challenges of aging impact everyone,” says BrianHarrington, senior vice president, group long term care insurance,at Genworth. “We focus on this issue every day and conducted theconsumer sentiment survey as part of our commitment to help fostera dialogue among families and the nation about the importance ofpreparing financially for long term care.”

|

Related: Humanafinds new home for LTCI unit

|

The survey’s 1,200 respondents included millennials, gen-Xersand baby boomers. Surprisingly, it was millennials who showed mostenthusiasm for LTC insurance benefits—92 percent reported beingsomewhat likely to buy coverage, compared to 89 percent of gen-Xersand 84 percent of boomers.

|

For employers, LTC insurance is a stopgap against lost productivity among employees also servingas caregivers. LTC insurance is attractive to employees because ofits portability and ease of enrollment. Also of interest: theability to offer the benefit to immediate family members, whichappealed to 87 percent of respondents (with millennials again mostenthusiastic at 92 percent).

|

“Younger employees realize they may ultimately be responsiblefor caring for their parents, and encouraging their parents to buylong term care insurance coverage can lift some of the worry aswell as the financial and physical demands of caregiving off theirshoulders,” Harrington says.

|

The average age of LTC recipients, surprisingly, is actuallydeclining. In 2010, 81 percent of recipients were above age 65; in2015, that number had dropped to 60 percent, according to adifferent Genworth survey, driven in part by an increase inaccident-related care needs.

|

“Considering the strong likelihood that most of us will betouched by long term care, either as a recipient of care or as acaregiver, employers are in a unique position to help employeesaddress the very real-life challenges of aging in a meaningfulway,” Harrington says.

|

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Emily Payne

Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.