Welcome to the Long-Term Care (LTC) Information Hub
Welcome to the Long-Term Care (LTC) Information Hub
Discover how CA Assembly Bill 567 could impact your company and your employees.
As you may have heard, California may soon follow Washington state and require residents to have long-term care insurance.
Proposed CA Assembly Bill 567 currently includes a potential payroll tax that would fund the coverage. A similar tax provision in Washington state included a 12-month lookback period to be eligible for exemption.
Take this time to get out ahead of things.
Contact us to find out more about your options
Do it today, because when the proposed legislation passes, CA companies will be scrambling to source coverage
Key Points:
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California acknowledges the long-term care crisis and the clear need for over a million people to have insurance
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As of today, the state remains uncertain of what they will require you to do, how much it will cost you and precisely when the action will be needed
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Experts who monitor the situation, including those close to it, agree the proposed plan will almost certainly be less comprehensive than private insurance plan
Read the LTC Actuarial Report FAQs:
What you should do now:
Create an appropriate response plan that will deliver a talent acquisition and retention advantage for you.
You can simplify the process and beat enactment dates by leveraging a knowledgeable and experienced benefits firm like USRBP.
What you should do now:
Create an appropriate response plan that will deliver a talent acquisition and retention advantage for you.
Leverage an expert like USRBP.
Talk to USRBP to get ready for what may be coming.
Don’t wait until you’re caught unprepared and may have to forfeit an advantage you can seize now.
Discover:
Why Long-Term Care Matters
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the differences between standalone and hybrid LTC Plans
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how we can source, implement, communicate and support open enrollment for this benefit for your company
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the specific ways private insurance is superior to the proposed state plan- and how that can benefit you
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the latest news on the proposed laws and up-to-the minute changes that can impact what you need to do and when you need to do it
%
%
%
Aging Population
70% chance that someone turning 65 today will need LTC in some form.*
Aging Population
70% chance that someone
turning 65 today will need LTC in some form.*
Care is Not Just for the Elderly
43% of LTC claims are for people under the age of 65**
Care is Not Just for the Elderly
43% of LTC claims are
for people under the age of 65**
Lack of Preparedness
63% of LTC recipients did not consider the need for long term care before they needed it**
Lack of Preparedness
63% of LTC recipients
did not consider
the need for long term care
before they needed it**
The bottom line: People are living longer, and more likely to need this type of help. However, there are fewer options to get it. Medicare will not cover long-term care and Medicaid cannot sustain the growing need for it.
Some employees leave the workforce to become caregivers, exacerbating the impact of the Great Resignation. Others become chronically late or absent, hurting productivity.
Offering your employees a flexible plan, that adjusts with their needs and evolves with changing economic conditions will give you an advantage in recruiting and retention.
Meet Carter | 35 years old
Current annual income: $100K
$3,000 monthly LTC benefit
If Carter had private insurance (versus the state plan), he would have access to the following for only a minimal cost increase:
- Life Insurance Death Benefit
- Better LTC benefit terms
- Higher LTC Lifetime Benefit
- Higher Max Policy Payout
- Additional benefits like cash value accumulation or paid-up life and LTC insurance
The comparison chart above is based on the recently-enacted Washington Cares Fund.
You don’t have to do it alone. Let US help.
About US
At U.S. Retirement & Benefits Partners (USRBP), we’ve dedicated decades to understanding the unique benefit needs of public and private sector organizations and the people who help them succeed. As a leading independent, national financial services firm, we work with public school, governmental, corporate, and non-profit organizations to develop employee benefits programs and retirement plans that support those helping and contributing to the communities we live in. Serving more than 15,000 employer clients and over 3.5 million participants, we’re able to provide personal support through our Partner Firms without sacrificing the power and stability of a national organization. Learn more at www.usrbpartners.com.
National Benefit Partners (NBP) is a proud Partner Firm under the USRBP umbrella. This partnership provides access to national resources and experts that advances technology, service and administrative capabilities. Learn more at www.nationalbenefitpartners.com.
Sources:
* “How Much Care Will You Need?” Longtermcare.gov.
** “How caregiving impacts families, communities, and society. Genworth, 2018.