Product Spotlight: Life Insurance with Long-Term Care

Success of Long-Term Care Rollouts During Open Enrollment

Every open enrollment period sees opportunities to update health insurance, dental insurance, and voluntary products.  This year, several Steele groups rolled out Life Insurance with Long-Term Care benefits for the first time.  The rollouts were much more successful than we expected.

The Importance of Long-Term Care Benefits

Long-term care insurance addresses a critical gap in many employees’ future planning: the need for assistance with daily living activities due to chronic illness, aging, or disability. As medical advancements prolong life expectancies, the likelihood of needing long-term care services increases. Offering this insurance as part of a benefits package can provide employees with peace of mind and financial protection.

Strategies for a Successful Rollout

  1. Early Planning: Begin the planning process well ahead of open enrollment. This allows ample time for research, plan design selection, and strategy development.
  2. Employee Education: Implement a comprehensive education campaign that explains long-term care insurance, its benefits, and its importance. Use various channels such as e-mail, text messaging, and informational booklets.
  3. Personalized Communication: Tailor communications to address the diverse needs of your workforce. Highlight scenarios where long-term care insurance can be beneficial, making it relevant to employees at different life stages.
  4. Seamless Enrollment Process: Integrate long-term care insurance into the Steele enrollment platform to ensure a seamless experience. If the process is easy and intuitive, employees are more likely to consider the new offering.
  5. Benefit Counselors: Unlike many other benefits, long-term care may be best communicated through one-to-one conversations with a Benefit Counselor.  Consider scheduling one-to-one meetings with employees and our Counselor-based enrollment service.

The Role of Leadership and HR

Leadership endorsement can significantly impact the adoption of new benefits. When company leaders advocate for the value of long-term care planning, it sends a strong message about the company’s commitment to employee well-being. Additionally, HR’s role in facilitating discussions and providing guidance is crucial for a smooth rollout.

Monitoring and Evaluating Success

After open enrollment, evaluate the success of the long-term care insurance rollout by monitoring enrollment numbers, employee feedback, and any hurdles encountered during the process. This evaluation will inform future rollouts and help in refining the strategy.

Conclusion: Empowering Employees with Choice and Security

The successful integration of life insurance with long-term care benefits during open enrollment is a valuable project that works best with preparation, communication, and employee education. By providing employees with the resources to make informed decisions, employers can foster a supportive environment that values the longevity and well-being of their workforce.

As the need for long-term care planning grows, employers have the opportunity to play a pivotal role in their employees’ lives. By taking steps to stoke a successful rollout, companies not only enhance their benefits portfolio but also strengthen the foundation of trust and support within their workforce.