U.S. Chamber Survey Shows Long-Term Care Costs, Planning Critical for Small Businesses and Workers

WASHINGTON, D.C.- The United States Chamber of Commerce today highlighted the need for more incentives to help businesses provide and individuals purchase long-term care insurance, releasing a survey showing business owners are concerned about the direct and indirect costs of long-term care as an aging population makes long-term assistance a critical workplace management issue.

"Caring for an aging family member doesn't come cheap," said Chamber President and CEO Thomas Donohue. "Providing quality long-term care for a rapidly growing number of seniors is taking a heavy personal and financial toll on America's workers, families and businesses - especially small businesses that struggle with lost worker productivity."

Nearly two-thirds of Chamber members surveyed said that they regard the high cost of long-term care as a major concern, and nearly half reported that they had taken time during the workweek to attend to the daily living needs of a relative or friend. Yet only one in eight respondents currently own long-term care insurance and three-fourths have not budgeted for the cost of long-term care.

Most business owners surveyed said they would be more likely to buy long-term care insurance if they could do so on a pre-tax basis, and just over half said they would be more likely to offer long-term care as an employee benefit if there were better tax incentives to do so.

"The Chamber is joining with the Massachusetts Mutual Life Insurance Company to offer a tax-qualified long-term care insurance product to thousands of business owners and their employees because we have discovered a need out there that is not being met," said Donohue. "Such partnerships provide a safety net for business owners and employees so they can care for their aging family members without breaking the bank."

Under the new program, MassMutual will offer Chamber members its tax-qualified insurance policy - SignatureCare (SM) - at up to a 15 percent discount, one of the largest premium reductions available in the industry.

The U.S. Chamber of Commerce is the world's largest business federation, representing more than three million businesses and organizations of every size, sector and region.

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