Senior Care Insurance for an Aging Workforce in Calgary
There are more than 150,000 seniors aged 65 years or older in Calgary, accounting for more than 10% of the population. Because the number of elderly citizens is expected to double in the next 20 years, senior care insurance in Calgary is something that all business owners should consider.
There’s a good chance that one of your employees or one of their family members will need medical care beyond short hospital stays and routine visits to the doctor. These medical costs can quickly add up, making it nearly impossible for the average Calgarian to cover without some extra assistance. Senior care insurance, sometimes referred to as long-term care insurance, can help your employees cover the costs associated with senior living.
Here's a quick reference guide to the basics of senior care insurance for all business owners to consider.
What Is Senior Care Insurance in Calgary?
Long-term care insurance is coverage to help elderly employees or their covered family members receive day-to-day assistance. Many people think this care is restricted to nursing homes, but many plans cover home care, adult day care and other forms of daily living assistance.
While plans vary, senior care insurance coverage can include:
- Hospice care
- Home care and home nursing services
- Adult day care
- Nursing home stays
- Elderly assisted living communities
- Alzheimer’s care
- Respite care
You can offer a variety of coverage options for your employees. While some older employees are healthy and may decline coverage, other workers may need benefits to help care for a sick or disabled spouse.
Why Offer Senior Care Insurance in Calgary?
By providing senior care options for employees and their families, companies can reduce the risk of losing talented workers.
Increase Worker Productivity
Caring for a sick or disabled spouse or family member is a substantial responsibility, especially if the caregiver works full-time. Employees who work as caregivers often experience high rates of stress and burnout, and workers that are constantly worried about their caregiving duties while on the job are likely to be less productive than other employees. A senior care plan can be a lifesaver for caregivers, giving them much-needed assistance during the day. Employees who can gain some relief from their duties will have more time to focus on workplace tasks.
Boost Employee Retention
Companies that do not understand the importance of offering elder care benefits often experience high turnover. Most employees will quit a position if their caregiving responsibilities become too much to balance with work. Consistently hiring new employees is a drain on company resources and money. Providing senior care options can help you retain and keep top talent.
Increase Employee Satisfaction
The financial and emotional stress of caring for a loved one can significantly diminish a worker’s quality of life. Elder care plans are often a lifeline for stressed-out employees, providing them with much-needed assistance.
Consider the Products and Services We Offer
When it comes to senior care insurance in Calgary, HUB International understands that cost is the factor most Canadian employers worry about. We specialise in providing insurance options to meet all budgets. Our team has the experience needed to help you choose the best insurance options for your employees. During our years of experience, we have come to understand how to help companies choose the best services for the best price.
When you seek our services in Calgary, we can help you with every step of the process, from initial planning to execution.