CareScout has introduced a new Long-Term Care Insurance solution designed for employers and their employees. The worksite offering combines insurance protection with immediate caregiving support.
The new approach offers employers yet another option for handling issues within their workforce. The new approach allows the workers to have access to the care planning, navigation, and caregiving services. Challenges associated with longevity and caregiving are increasingly becoming an issue for employers. In less than a decade, there will be more older adults in the U.S. than children.
Moreover, well over half of adults in their 40s are in the “sandwich generation” category. These individuals typically manage careers while caring for elderly parents and bringing up children. The program provides plan designs which fit various employer needs. Employers have the freedom to pick among voluntary, employer-paid, or employer contribution plans. CareScout provides access to this product even for organizations employing only 10 people.
“Most long-term care insurance products are designed to help people prepare for a future care event,” said Samir Shah, CEO of CareScout. “What makes this offering different is that policyholders can begin accessing care planning, navigation and caregiving support immediately – whether they’re helping an aging parent today or preparing for their own future needs. By combining long-term care insurance protection for policyholders with practical support for them and their family members, we’re helping families navigate aging with greater confidence.”
CareScout Expands Long-Term Care Support
The package comes with several underwriting methods for eligible employees, which include modified guaranteed issue, simplified issue, and regular underwriting. The covered individuals will be able to get insured along with their families, who are also eligible. Spouses, domestic partners, and extended family members can also receive coverage under the program, expanding protection for employees’ families.
“Employers are increasingly seeing the impact caregiving responsibilities have on retention and workforce stability,” said Cori Mooberry, director of worksite solutions at CareScout. “Employees are looking for support that extends beyond traditional health and retirement benefits, and this solution helps meet that need – supporting families today while helping them plan for what’s ahead.”
There are discounts available for home care through the network for members too. Care coordination and navigation services will help families identify appropriate care options. The availability is based on the approval of states. In summary, the introduction of the plan indicates changes in employee benefit plans.More organizations are seeking benefits that support employee well-being while helping workers manage caregiving responsibilities for their families. Organizations also need benefits that help prepare financially for the future.
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News Source: Businesswire.com
