Because of the increasing life span of Americans and the fact that vast numbers of baby boomers are in the midst of retiring, this benefit area is top of mind for many. Individuals are concerned with the costs of nursing homes and assisted living facilities and want to mitigate the effect of these stays on their estates.
According to the most recent MetLife Mature Market Institute survey, the national average for assisted living communities is over $3,477 per month. The average charge for a private room in a nursing home is $248 per day or over $90,500 per year. Concern over cost is real.
Long Term Care insurance may be essential to helping ensure that your (key) employees are with you for years to come. What’s more, there can be considerable tax advantages to your employees and to your company.