Resource of the Month: Long-Term Care

Long-term care refers to the range of services that a person—of any age—may need to meet their daily, personal needs.  While long-term care may include healthcare, it more often deals with the assistance people need with the every day tasks of life. Although people of different ages may need long-term care, it is estimated that almost 70% of people turning 65 will need some form of long-term care.

Planning and paying for long-term care is a source of stress for many people and their families. In addition to the actual expense, most people underestimate the cost of paying for long-term care and only 1 in 6 people actually has long-term care insurance. Most people assume they will not need it and do not make it a financial priority when they are younger.

For all of these reasons—and more—our June Resource of the Month takes an in-depth look at long-term care. The guide will walk you through who needs long-term care and provides an overview of personal and government resources that can be used to pay for long-term care. In addition, the guide provides a chart that illustrates the average national costs of long-term care:

Weingast_Long_Term_Care

 

Keep in mind that these are national averages. As we explored in our post, “What’s your long-term plan,” costs in other cities may be significantly higher—especially if you live in New York City or San Francisco.

The bottom line? Long-term care is something to plan for and pay attention to now. Our Resource Guide is a great first step to making sure you understand the scope, cost, and payment options for you and your family. Download it today so you can begin to understand this vital topic.

If you’re ready to have a more serious conversation about long-term care, please contact the The Robin Weingast & Associates team. Robin Weingast and her entire staff are well versed on all aspects of long-term care. We would be happy to help put a plan in place for you and your family as well as explore the feasibility of providing long-term care benefits to your employees.

Need to Know: Startup Companies and Benefits

Weingast_startupEmployees of startup companies probably consider themselves pretty lucky. According to an article in Forbes startup employees benefit from the “startup culture,” which breeds collaboration as well as from a sense of ownership and visibility that comes from being with a company since its inception. For many startup employees, these factors alone are enough to keep them engaged and on board with the company for years to come.

But if you are at the head of a startup company, you may want to consider the impact of offering a formal benefits program to your employees.  A recent article in Entrepreneur reports that  “MetLife’s annual study of employee benefits trends found that benefits can be even more important than advancement opportunities and company culture in fostering employee loyalty.” This is a key factor to keep in mind, particularly when considering the time, money, and energy it takes to recruit and retain talented staff. In addition to keeping your staff happy, offering formal benefits may also be a way to distinguish you from competitors when you’re recruiting new staff, since “only 28 percent of businesses with fewer than 10 employees offer health insurance.”

Here are some important tips to keep in mind if you are thinking of establishing a formal benefits program for your startup company:

1)    Start with the basics, such as health insurance and disability insurance. Save the fancier perks for later, when you have established your company on solid financial ground.

2)    Manage expectations, for yourself and for your team. Offering any kind of formal benefits at all puts you in a better position than most small companies; asking for employee contributions is not only reasonable but will likely be necessary. And, avoid cutting back benefits at all costs.

3)    Take advantage of health-insurance subsidies, which are now available under the Affordable Care Act.

4)    Get a broker. You’re busy trying to make your business a success. Once you know the basics of what benefits you want to offer your employees, leave the details and logistics to a broker who knows the in’s and out’s of benefits planning. The best part? There’s no extra charge for using a broker.

Read the full article here.

Whether you’re an entrepreneur who wants to attract and retain the best staff as you build and grow a successful business or a leader at an established company that wants to gain a recruiting edge, the Robin Weingast team can help you establish and analyze your employee benefits. Contact us today for a free consultation or a free analysis of your current plan. Our business is to make sure your benefits are working….for you.