What is Group Long Term Care Insurance?

A comfortable and secure future is a goal that everyone has in common. But realizing goals requires proactive planning; including taking into account how the need for long term care can impact your financial security, your quality of life, and your family’s well-being.

Long term care insurance is one of the newest employee benefits made available by business to attract and retain top performers. It has become an even better way for business owners to reward key people and retain their loyalty. It can be a valuable addition to any benefits portfolio.

Group long term care can be an executive benefit program that offers many advantages. Group long term care can be customized to fit an employer’s specific criteria, and it might offer a tax deduction for the employer without creating additional taxable income for the employee.

Group long term care can be offered to a select group of employees. For example, an employer can decide what that only employees above a certain level, who have been employed by the employer for a specified number of years, will be eligible to participate.

Employers may also select or carve out groups of certain employees to receive different premium contributions, or coverage may be offered to all employees on a voluntary basis.

Tax-qualified group long term care occupies a special place in the tax code. When an employer buys coverage for selected employees, the employer might be able to deduct the premium payments. Generally, employer paid premium does not generate additional taxable income for the employee even though the employee is the owner of the long term care insurance policy.

By extending coverage to family members, employers may make it easier for workers to manage care giving responsibilities and remain productive on the job.

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