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Webinar Recap: Life with Long-Term Care Compliance Expectations in 2023

Long-term care (LTC) is becoming increasingly prevalent and necessary, as it is essential for people of all ages living in their homes or other residential spaces. The aging population continues to grow significantly, and those individuals need continuing healthcare assistance that they may not get with traditional Medicare coverage. That is why employers and human resource departments need to plan when creating long-term care strategies, especially before the compliance deadline approaches.

Corestream recently hosted a webinar all about unpacking life with long-term care, diving deep into the subject so that HR professionals can better understand what LTC covers, how it works, its advantages over traditional health insurance, and, more importantly – the path forward towards meeting upcoming compliance expectations in 2023. To learn more on this topic, view our recorded webinar here.

What Does Long-Term Care Cover? 

When most people think of long-term care insurance, they typically assume that it only applies to nursing home-related services; however, additional benefits are provided outside of these services, such as personal aid from nurses or assistants who provide various at-home and in-facility care. Long-term care insurance provides: 

  • Transportation to medical appointments, drugstores, and other errand services • Personalized home home-care, including bathing and dressing assistance that a nurse or assistant can provide
    • In-facility care that includes residential care centers like assisted living facilities, senior centers, or day programs for adults with disabilities

Additionally, long-term care extends beyond older individuals who need at-home or facility-based aid. It covers users of any age, from people recovering from surgery to youth facing lifelong disabilities—allowing them access to the necessary help they require on an ongoing basis without having to depend solely on their family members or healthcare providers alone.

Advantages of Long-Term Care over Traditional Insurance Coverage 

Unlike traditional health insurance plans, whose purpose is primarily preventative (i.e., keeping healthy), long-term care focuses more on providing necessary coverage once someone has a chronic health condition that requires daily support with activities such as eating, bathing, dressing etc. These are all expenses not typically covered under regular Obamacare plans, which is why many employers opt for a third-party vendor (like Corestream) where employees may purchase supplemental LTC policies.

Unlike regular health insurance plans, long-term care policies offer: 

  1. Tax deductions for some or all of its premiums paid as authorized by the Internal Revenue Service
  2. Flexible payment options that could include a one-time lump sum payment and periodic payments over time 
  3. The ability to expand coverage beyond what is allowed under medical plans (such as homemaker services that are not always covered)

Depending on the plan chosen, additional benefits may be provided, such as cash payments for daily living expenses, reimbursements for transportation costs incurred when going to appointments, and automated transfers of funds to offset the costs associated with a stay in an assisted living facility or nursing home. This level of flexibility not only allows employees peace of mind knowing they'll have access to necessary resources if needed, but it also ensures employers remain compliant with applicable laws given the added protections available at all levels so everyone is adequately taken care of come January 2023—both financially and medically speaking.

Are You Planning for Compliance Excellence in 2023 and Beyond? 

Now is prime time, with less than two years until compliance becomes mandatory. Start planning to ensure your organization remains compliant by 2023. Here are a few tips to help you get ahead of the curve:

  • Consider hiring an advocate who specializes in long-term care policy compliance. This person can review your company plan and provide advice on ensuring it is compliant by 2023 and beyond. • Research vendors that specialize in creating custom LTC policies for employers via HR platforms like Corestream’s benefits platform, as this will allow employees access to supplemental coverage options tailored to their individual needs.
    • Create an education program that discusses long-term care options available through traditional health insurance plans and employer-provided resources with technology partners. Hence, employees understand precisely what type of protection they have if needed—making them more likely to use it should something arise.

Proper planning not only provides additional peace of mind knowing your company remains under legal obligation, but it also ensures employees receive quality, cost-effective care should anything arise outside the scope of medical insurance coverage alone. Additionally, you will keep morale high due to its positive impact on workflow productivity, given that unfamiliar territory now becomes familiar amongst staff members across departments far into 2023 and beyond!

As mentioned above, understanding your compliance requirements takes time. We recommend that every organization research third-party vendors immediately so you are not stuck trying to figure everything out as compliance deadlines approach.

Unpacking Life with Long-Term Care

Long-term care is integral to ensuring that users receive ongoing medical treatment when needed — especially for those who have chronic conditions or are in recovery and require specialized attention outside of what traditional health insurance covers alone.

Companies need to understand their rights and obligations related to long-term care, especially before the 2023 deadline mandates it; this includes researching vendors like Corestream, where employers can provide employees additional access to supplemental policies tailored to their individual needs without putting extra strain on finances due to its tax breaks and flexible payment options, all while helping keep HR compliant.

By planning now, you ensure legal compliance by 2023 and guarantee employee satisfaction knowing they have adequate resources available should an emergency arise, making sure nobody is left behind at any stage.

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