Employer Benefits of Group Long Term Care

Among companies that offer group long term care insurance coverage, there is little differentiation in the importance of different factors in the decision to add the benefit. A good benefit program for key employees should meet at least three requirements:

1.       The cost should be tax deductible to the employer.

2.       Generally, it should not generate additional taxable income for the employee.

3.       It should be customizable by the employer.

The most important reason employers have for offering long term care to employees, include:

1.       Attraction and retention of key employees

2.       Tax advantages to the business or business owner

3.       Employee demand

4.       Exposure to first-hand experience dealing with long term care issues

Employee Benefits of Group Long Term Care

Group long term care can help relieve your employees of some of the worry associated with care giving and planning:

  • Help protect hard earned assets and savings
  • Reduce stress and time off or absenteeism due to care-giving responsibilities
  • Allow employee to concentrate on work and work efficiently
  • Minimize tradeoffs between care giving and work responsibilities

In addition, employees may receive a lower premium by obtaining coverage at a younger age. The cost of long term care insurance coverage increases each year by age; once coverage is purchased, the “issue-age” premium rates applies for life. However, rates may be increased by the insurance company. Younger employees are also more likely to qualify for “Preferred Health” discounts.

If you are an employer or human resources representative and would like to learn more about group long term care contact us today for a long term care insurance quote. Our professional advisors can assist you in learning more about the benefits of group long term care.