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What Happened:
· For the first time, a group LTC partnership policy is available to Employers
· This is the biggest news this year, in the employee benefits field
· This program was quietly negotiated by the state and just publicly announced
What makes the program unique:
· This is the only group long-term care insurance plan, endorsed by the State of California
· The State of California is allowing this plan special incentives and enhancements
· These partnership policies are the only policies sold in California that contain a special lifetime “asset protection” feature, and now there is finally a group partnership policy.
What does it cost?
· This plan can be offered as a Voluntary benefit, costing the employer nothing
· Yet, there are real Employer Costs when there is no plan offered
According to a MetLife study for Employers, the major effects of caregiving on employee productivity include :
· Costs due to workday interruptions
· Costs due to partial absenteeism
· Replacement costs for employees who quit due to caregiving responsibilities
· Lost productivity and supervisory time
According to this study, 23% of all U.S. telephone households are involved in
caregiving, and 64.2% of these are employed.
(The MetLife Study of Employer Costs for Working Caregivers, June 1997)
Background:
· The California Partnership for Long-Term Care is an innovative program of the State of California, Department of Health Services in cooperation with a select number of private insurance companies. These companies have agreed to offer high quality policies that must meet stringent requirements set by the Partnership and the State of California. These special policies are commonly called "Partnership policies".
How do we proceed?
· Not available through all brokers. The broker must be
¨ Long-term care qualified
¨ Partnership qualified
Why Derendinger? Marc
Derendinger is a member of the California
Partnership's Agent Advisory Group, is
Partnership-Qualified, and is a specialist in bringing
group long-term care and disability solutions to
public and private California employers. He is an
employee benefits broker based in
San
Jose
,
California
,
and can be reached at (408) 252-7300 or marc@derendinger.com
For more information:
marc@derendinger.com
A. Francois Derendinger Insurance Agency, Inc.
License No. 0563986
1133 Saratoga Avenue
San Jose, CA 95129
Tel: (408) 252-7300
Fax: (408) 255-8105
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