News & Events

By Patty Hampton, CSP, Managing Director, Staffing Services/Executive Search Consultant

Today I find myself thinking about long term care insurance benefits. I recall my days as an HR practitioner and the conversations I dreaded with brokers about this particular benefit. As the broker proceeded down a path of no return, I recall cutting him off saying, the average age in this office is barely 35. If I had known today what I wish I could have learned back then, I probably could have made a case to the CFO to offer long term care insurance as a supplemental plan to employees.

These thoughts of long term care are gnawing at me as I think about my aging parents. Both of them, especially my dad, have been mired with doctor appointments, medicines, hospitals, surgical procedures, and the fears and guilt of depending on the kindness of family. I never thought I would be in a position where I would be a long distance parent to my parents. However, now that I find myself in this situation, as so many of you probably do as well; I have to admit it is an emotional roller coaster.

If you are a Baby Boomer, then chances are you might find yourself in a similar situation. And, you probably understand that the care and nurturing involved in helping an elderly or sick parent can be very stressful. My dad was diagnosed with inoperable prostate cancer. My mom is a breast cancer survivor and she is the main caregiver for my dad. When you have two parents that are aging and have ongoing medical issues, you wish they had invested in long term care insurance back in their employment days.

Look at your workforce, is the average age over 40? Have you asked employees what other benefits they’d like the organization to offer? My parents’ situation may seem discouraging, but I can’t help but feel encouraged knowing that HR professionals and benefit managers have an opportunity to research and offer an affordable benefit that might change or even save the life of a retiring employee. Ten years ago, long term care insurance was a passing thought and very expensive. We have come a long way and from what I’ve read, long term care insurance is very affordable.

You may have some employees in your workforce that have delayed retirement or you might be hiring elderly workers who are embarking on an encore career. Whatever the demographics are in your workplace, I believe this is the best time to take a proactive approach in reviewing all your benefit offerings.

Long term care insurance ain’t what it used to be, but it might just turn out to be a nice parting portable perk that adds value to an employee’s quality of life.