Key Reasons to Offer Group Long Term Care

Among companies that offer group long term care insurance coverage, there is little differentiation in the importance of various factors in the decision to add the benefit, rather than a single issue that drives the adoption of group long term care insurance coverage.

According to the John Hancock 2009 Small Business Survey on Long-Term Care:

  • Over four in ten companies say each of the following four reasons were important in the decision to add group long term care insurance benefits, including:

§  attraction and retention of key employees (47%)

§  tax advantages to the business or business owner (43%)

§  employee demand (43%)

§  exposure to first-hand experience dealing with long term care issues (42%)

  • The importance of long term care insurance’s tax advantage to a business tends to decrease as company size increases.
  • Seven in ten employers (70%) think that being able to deduct employer-paid premiums for long term care insurance is a compelling feature. About six in ten believe the following features are compelling:

§  being able to provide advice, support, and discounts to caregivers (63%)

§  not treating employer-paid long term care insurance premiums as for the employee (63%)

§  long term care insurance’s portability (61%)

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