Long-Term Care Insurance Becoming Popular Benefit

Results of a recent survey show that American workers rank long-term care insurance as important as life and disability insurance as an employee benefit.

The survey, conducted by Prudential Financial Inc., summarized a poll of 300 full- and part-time workers aged 25-65 who work for companies with 500 or more employees and who have household income of at least $40,000.

Participants were questioned about importance of various employee benefits, preferred method of acquiring long-term care insurance, and familiarity with the benefits and features of long-term care insurance.

Survey findings show that employees rank the importance of employer-provided benefits in the following point order. Of a possible 100 points:

38 points: Health insurance
27 points: 401(k) or pension plan
12 points: Life insurance
12 points: Long-term care insurance
11 points: Disability insurance

While 56% of respondents indicated they are not familiar with benefits and features of long-term care insurance, and only 14% indicated they felt very familiar with the benefits and features, less than 1/3 (30%) had actually attempted to learn more about long-term care insurance by talking with a financial professional. Most survey participants do not know what type of programs provide insurance coverage for nursing home care and home health care.

Prudential provides detailed information about long-term care coverage on its Web site.

You may like these other stories...

A recent study of lateral hiring trends in the accounting industry by the Chicago-based executive search practice the Koltin Consulting Group (KCG) has found that in the first half of 2014 firms continue to lure top talent...
Without getting into all that's been written about the jobless recovery and record high corporate profits without the accompanying hiring, there has indeed been a fundamental shift in how corporate America is working...
Read more by Rita Keller here.I recently read a tweet by my music-teacher son regarding his fifth-grade musicians: “My fifth-grade flutes and clarinets just exhaust me. They have so much energy and ask sooooo many...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30
Many Excel users have a love-hate relationship with workbook links. For the uninitiated, workbook links allow you to connect one Microsoft Excel spreadsheet to other spreadsheets, Word documents, databases, and even web pages.