In conversations with legal administrators and Human Resources professionals, we’ve found that firms fall into two categories:
- They have a long-term care insurance plan already in place
- It’s on their to-do list
For the firms that already have a long-term care insurance plan in place, we’ve often heard that it’s promoted last on a list of many other benefits. We’ve heard that many legal administrators are advocates of planning for long-term care needs, but attorneys and staff aren’t asking about the benefit.
The truth of the matter is: attorneys and staff aren’t asking because they don’t know how long-term care insurance can benefit them. As administrator or HR, you have the opportunity to educate and prepare them for their future need. This is key because the likelihood of needing long term care during our lifetimes is 40% and jumps to 70% once we reach the age of 65.
Here are the top 5 questions we’ve heard from members about their long-term care insurance plan:
- How can I get my attorneys and staff engaged with LTCi? It starts with education. You may consider communicating to attorneys and staff with a special campaign that falls off-cycle of your primary enrollment. You can also rev up your new hire strategy, which is an important time for this benefit. New hires can typically apply for coverage with simplified underwriting or guaranteed issue, which is something only you as an employer can offer.
- What should I do if my plan is facing a rate increase? Communicate – early and often. Leadership and staff will want to know as soon as possible so they have the most time to prepare. Consider offering a Benefit Comparison Statement, which compares attorney/staff coverage with the rate increase to other products available in the marketplace. Analysis is key to making an educated decision.
- How do we go about offering multiple LTCi plans to attorneys/staff? Many law firms have plans in place that may be closed to new entrants and don’t have a current solution for attorneys/staff. Determine a strategic partner that can accommodate the grandfathered plan and a new solution. Ask your strategic partner if they can host both products on one website, handle the billing and all attorney/staff inquires.
- What services should I be receiving based on the commission this plan generates? As a legal administrator, you’re constantly evaluating what services you are receiving from vendors. Law firms offering LTCi have run into issues with billing, portability, and technology. It’s key to audit your list bill monthly, assist attorneys and staff with porting their coverage after leaving the firm, and offering a space for folks to easily view their LTCi offering.
- Should we be comparing our plan to current options in the marketplace? When your current offering experiences a change or has been in place for a number of years, having a report that shows how that plan compares to others available to law firms is key. This provides peace of mind for knowing your attorneys and staff are receiving the best benefit available, and a due diligence report to share with partners.
There are only so many hours in a day– vetting a strategic partner for your long-term care insurance can make the benefit more impactful for your partners, attorneys and support staff. You can reach out to LTC Solutions on any LTCi related questions by contacting Ryder Kimmes at email@example.com or (425) 658-7513.