CPAs are under increasing pressure to provide long-term care insurance to firm members, as well as to advise clients on appropriate LTC coverage. The triple-whammy of increasing medical costs, longer life expectancies, and the aging Baby Boomer workforce approaching retirement is moving the concept of long-term care to the front burner.It's not unusual to see LTC insurance as a benefit option at accounting firms, even though, so far, it has few takers. Grant Thornton has offered it as a voluntary benefit choice since 1991, but even after nearly 15 years, only 3 percent of eligible members choose to purchase the insurance.
Anne Lang, chief human resources officer for GT, described the program as a voluntary benefit, "post-tax, all 100 percent participant-paid." She said that the firm doesn't track participation by age, but estimates that 75 percent of those purchasing the insurance are over the age of 40.
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