Page 17 - MetalForming January 2014

• Increased absenteeism and leave of work to help the ail- ing loved one;
• Decreased motivation and morale;
• Increased and ongoing stress, which can lead to caregiver health problems (increasing health-insurance claims as well as reducing on-the-job productivity); and
• Request for part-time work or a decision to resign alto- gether (adding to replacement costs).
Two-thirds of caregivers are women and 47 percent of workers in America are women. Some forward-thinking employers are starting to wonder what will happen to their productivity if a large number of female employees begin adjusting their work schedules or even drop out of the work- foce to accommodate caregiving responsibilities.
LTC Insurance
Caregivers whose family members have long-term care insurance are twice as likely to stay in the workforce as those whose family members do not. The purchase of LTCI in the workplace is the fastest growin segment of the LTCI market— from 2008 to 2010, nearly half of all new policies were pur- chased through employer-sponsored plans.
The advantages for employees include the opportunity to acquire LTCI at a relatively young age, when it is more afford- able and health is good. It is surprising how many people in their 50s can’t qualify for LTCI. The average employee LTCI
purchaser is 48.6 years old. In addition, many insurance carriers offer employees a one-time opprtunity to buy LTCI with limited or no health questions, even when employees pay 100 percent of the premium.
This “simplified underwriting” sometimes is available to spouses of employees. Plans with simplified underwriting typ- ically don’t ask about common health issues like high blood pres- sure or cholesterol, and most don’t ask for height and weight. Employees report greater levels of appreciation for LTCI plans with simplified underwriting or guaranteed acceptance.
Overall, employees buying LTCI can help maintain the pro- ductivity of the workforce in several ways. First, the employ- ee has peace of mind knowing that if an unexpected and sig- nificant illness or injury should strike either the spouse or the employee, it has protection and is less likely to be a burden on children. Also, extended family members such as parents, siblings and adult children are eligible to apply for coverage with medical underwriting. Those who do so ultimately decrease the number of distractions for the employee due to the reduced need to care for an ailing family member. Final- ly, future generations of employees will be relieved of work distractions because family members have insured them- selves through their employer.
As an employer, you also should know that while you are not required to contribute to the premium, there are tax incentives that favor employers who do contribute. MF
Before
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A FAMILY OF PERFORMERS SINCE 1946
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MetalForming/January 2014 15
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Human Capital