Long-Term Care Insurance Becoming Popular Benefit | AccountingWEB

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.