Strategic partners

New Member Benefit Now Available – Long-Term Care Insurance

The California Bankers Association and LTC Partners & Insurance Services, one of California’s largest long-term care insurance agencies, are pleased to announce the launch of a new long-term care insurance program exclusively for CBA member bank employees and their family members. 

The long-term care field is one of growing importance as millions of baby boomers reach retirement age, and the care needs of an aging population are magnified. It’s estimated there are 44.4 million American caregivers age 18 and older who provide unpaid care.¹ In fact, the annual cost to companies for workers’ lost productivity due to elder care responsibilities is estimated at $2,110 yearly per employee, to the tune of $33.6 billion per year.²

Although Medicare provides valuable benefits, it doesn’t cover these costs. Long-term care insurance helps cover the costs for nursing homes, assisted living centers and in-home care. CBA understand the importance of this coverage and that is why CBA will make a meaningful contribution to subsidize a portion of member bank employees’ policy premiums for the first three years.

In cooperation with LTC Partners & Insurance Services (known outside of California as LTC Financial Partners, LLC, or LTCFP), CBA has also crafted an educational program to help member bank employees better prepare for their future needs. 

LTC is available to help CBA member banks and their employees navigate it all by offering educational, one-on-one consultations and workplace seminars. To learn more, call (877) 746-6304 (M-F, 7 a.m. – 4 p.m. PT), or visit www.calbankers.workplacelongtermcare.com.

For more information about the CBA program, please contact Stephen Clark, SVP of strategic partnerships at (916) 438-4448 or sclark@calbankers.com.

¹ AAHSA Aging Services: The Facts (2009). www.aahsa.org/article.aspx?id=74

² The MetLife Caregiving Cost Study: Productivity Losses to U.S. Business. MetLife Mature Marketing Institute, National Alliance for Caregiving. July 2006.

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