Advantages of long-term care insurance as a benefit
Long-term care can be offered selectively and can tailored – employer pay all, totally voluntary, split dollar (based on age length of service).
Long-term care is fully portable. An employee can retain this coverage even after leaving the company.
Some plans allow for accelerated payments of 10 years-added incentive for and employee to stay with the company.
By extending coverage to family members, employers make it easier for workers to manage care giving responsibilities and remain productive on the job.
It tells your employees that you care about them now and in the future.
Long-term care insurance for employers
At home and in the workforce, long term care is emerging as one of the critical issues of our times, and employers have a key role to play through education.
Employers can help their employees plan responsibly for their future needs. Most Americans over the age of 44 view long-term care as an important health care issue, yet have little of nothing to prepare for the high costs of such a crisis in their lives.
It is one of the newest employee benefits made available to employees by businesses to attract and retain top performers.
By extending coverage to family members, employers make it easier for workers to manage care giving responsibilities and remain productive on the job.
It is a valuable addition to any benefits portfolio.
Tax benefits of qualified long-term care insurance
Tax advantages to both employer and employee. Employer-paid premiums are not taxable income for the employee.
Premiums 100% deductible as business expense for C–Corporations.
Premiums are deductible for owners of S-Corporations, limited to lesser of the actual premium paid or the eligible age based amount.
Premiums for employees other than owners are 100% tax deductible as a business expense to the employer.
Executive carve out
Employers may select or “carve out” groups of employees where the employers pays the premiums.
Insurance benefits received the employee are not taxable even when the employer paid for and deducted the premium.
Participants owns their policy.
If participants leave the business, they can keep the policy.
Educate employees on the issues surrounding long term care and the benefits of long term care insurance.
Educational workshops for your employee at no cost or obligation.
Meet with a long-term care specialist and learn about the available long-term care insurance plans.
