Anyone who manages their own health insurance policy knows the gap between what insurance covers and what members must pay out-of-pocket seems to be getting larger. This is especially the case for older adults and individuals with chronic conditions since out-of-pocket costs can be especially impactful for those on a fixed income.

That’s why Washington residents are looking forward to the new long-term care insurance benefit, which can help offset these costs. Under the WA Cares Fund, employees will see mandatory payroll deductions beginning July 2023. These taxes will accumulate for three years until benefits are available to members starting July 2026.

Some workers, especially younger individuals, may be skeptical about the utility of this fund since it doesn’t immediately benefit them. However, there is a proven need for long-term care services later in life. Across the nation, nearly 70% of older adults will need some form of long-term care for at least 3 years. When taking these statistics into consideration, many employees become more comfortable with the mere 0.58% contribution toward this fund.

Families are Looking to Their Provider Network to Ease the Burden of Long-term Care

Other states are keeping a close eye on the progression of this tax fund since many regions are looking for ways to better serve their rapidly-aging population. Up until now, the standard trend has been for many family members and close friends to provide unpaid caregiving for their loved ones. However, this places a significant strain on younger generations. 

Insurance companies could potentially see greater member satisfaction if they offer long-term care benefits to their subscribers. Insurance companies should first look into their existing provider network to determine which of their established connections already offer these types of services. From there, they can work to expand their provider network to include these critical services.

In preparation for this shift, insurance companies would benefit from forming more relationships with home health agencies, assisted living facilities, respite programs, hospice care, adult day programs, and companies that offer durable medical equipment (DME) and home modifications.

Grow With Us

Expanding your provider care network is as easy as calling TOG for a complimentary consultation today. From scrutinizing network information to finding the correct resources, TOG Network Solutions uncovers opportunities and designs tactics to grow and optimize health care for insurers.