A new study from John Hancock Mutual Life Insurance Co. and the National Council on Aging reveals that Americans are increasingly concerned about long-term care. And, in response, another study reports, more firms are offering long-term-care insurance as a benefit.
The industry average for employer group long- term-care insurance ranges from $500 to $700 per year, and, says John O'Leary, a marketing director at John Hancock, "since it's age- based, the premium for a 45-year-old is much less than, for example, a 60-year-old." Most plans are administered on a voluntary basis at large companies, he adds, "but at smaller firms, employers can be responsible for making contributions."
In fact, the Society for Human Resource Management's 1999 benefits report says that of 2,500 employers surveyed, 35 percent offer long-term-care insurance, a slight jump from 32 percent in 1998.