Does your company offer a group long term care coverage policy? If not, you may want to consider purchasing LTC insurance on your own. It has been determined that baby boomers are vastly unprepared for the cost of long-term care coverage. This is due in part to the various planning aspects and retirement cost aspects. For the most part, baby boomers were not prepared for any type of long-term care. Many did not feel the need in creating a savings account for long-term care or for end-of-life care coverage. In fact, many of the baby boomer generation population feel that Social Security and other aspects would take care of themselves and, therefore, the cost of long-term care coverage would not be a issue. However, in recent years, the baby boomers have found that they are vastly unprepared for the cost of long-term care coverage and may need to work beyond their retirement years in order to pay for any kind of retirement living. There have been many studies in the past decade regarding the unpreparedness of baby boomers. Several employee benefit websites and benefit news sites have decided that by and large only 25% of baby boomers were prepared for any type of long-term care. This is left nearly 70% of baby boomers unprepared for the cost with no options insight. Because of this, many baby boomers are left with the only options being Medicare or some form of retirement plan. Unfortunately, many of the baby boomers who were not prepared for long-term care were also not prepared for retirement. A recent study appearing on Benefit News showed that an average age for long-term care policy issues was 43 in 2006. Unfortunately, in 2006, the average age of the baby boomer was 10 years older than the average age for individuals seeking long-term care policies. The same study also showed that women were representing 52% of the purchasing population and, of that 52%, only a small fraction were actually purchasing items that were retirement related or that were long-term care related. The top states that were purchasing long-term care insurance were California, Pennsylvania, Florida, Illinois, and Texas. Only two of these locations were considered to be baby boomer retirement areas. California and Florida also showed that though they were the top purchasers of long-term care insurance do individuals purchasing long-term care insurance were not part of the baby boomer environment. It has also been estimated that there has only been a 5% increase in the last decade of baby boomers actually purchasing long-term care insurance plans or major medical plans that will cover long-term care insurance. The statistics are staggering and have been catching many individuals off guard. In fact, there are many institutes of thought that show the baby boomers by and large are having to resort to alternative methods in order to pay for any type of long-term care insurance. One of these methods is to choose to go on Medicare even though Medicare may not cover the full extent of their long-term care. Other baby boomers have chosen to live with their children or have chosen to allow their children to have their children pay for their long-term care. This is becoming an increasingly disturbing issue. It has lead to many individuals to decide that retirement planning should be instilled in future generations in order to avoid a baby boomer generation occurring again with the high cost of long-term care.
Didn’t get the job? Rejection isn’t easy, but it’s important to leverage the progress you’ve already made with this company. In fact, this is a great opportunity for you to build a professional relationship with the hiring manager and keep things moving forward in the event another opportunity arises.
You want this person to be your advocate in the event another role opens up. Even though you didn’t get the job, you should take steps to keep moving forward. You want to use this opportunity to reinforce that you’re still interested in working for the company and that you’re willing to work toward becoming a better fit.
Here are some things you need to do if you didn't get the job:
1. Send Thanks
Even if you didn’t get the job, it’s important to thank the people who took the time to talk with you, interview you, and help you get that far in the process. They will respect you for it and appreciate the gesture. Not only that, but sending a brief thank you note after getting rejected from a job will allow you to stand out, and it will help you further your professional relationships within the company.
2. Be Understanding
Hiring isn’t easy, and rejecting people isn’t a piece of cake either. Let this person know that you understand the decision and thank them for considering you for the role. Who knows, if this person doesn’t work out, they might call you up and bring you in since you’re a “warm lead” for the role. Or, they might have a different opening they feel you might be a better fit for. That’s why it’s important to be thankful, positive, and supportive, even though you didn’t receive the offer. The truth is, you just never know what will happen!
3. Briefly Reinforce WHY You’re So Passionate About Working For This Company
If they know you’re deeply passionate about what they do, they’ll know you’re in it for more than just the money and that, if hired, you have the potential to stay at the company for a while. That’s why it’s important to reinforce why you feel so strongly about working for this particular company. So, share your “connection story” with the company, showcase a shared belief you have with the company, or share a personal experience that taught you the value of what that company does.
4. Seek Advice
Make it easy for this person to help you by asking the right questions. Remember, they’ve already gotten to know you, they know you want to work there, and they know you’re willing to do whatever it takes to get the opportunity. You’re a “warm lead” at this point, so you want to make it as easy as possible for them to choose you over someone else. Ask questions like...
- “How can I be a better fit for opportunities like this one?”
- “What do I need in order to earn opportunities like this one at your company?”
If you can find out what you need to do in order to “check off” all of the boxes, then you’ll make your candidacy more attractive in the event another opportunity opens up.
5. Take Steps To Move The Relationship Forward And Ask How You Can Keep In Touch
In order to keep this relationship moving forward, you need to ask for it. Being proactive in this situation is critical. Otherwise, your future with the company might be left up to someone else, which is a risky chance to take. Make sure you ask to stay in touch. For example, you could say something like…
“What’s the best way for me to stay in touch with you? I want to be proactive and stay on your radar for future opportunities. I really want to work for your company but I want to earn my place there.”
They’ll appreciate your proactiveness and your willingness to take ownership of the process—on their terms. It will also give you clear next steps on how you should keep this relationship moving forward.
So, remember: even if you didn’t get the job today, there’s still an opportunity to get the job tomorrow. “No, not today” doesn’t mean “no, not ever.” Leverage the progress you’ve made with this company and keep working your stuff!
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This article was originally published at an earlier date.