Why should an employer consider adding Long-term Care Coverage (voluntary or contributory) benefits?
Today Americans are living longer than ever before. What that means is that millions of employees are finding themselves trapped in the ‘tug-of-war' between their dual roles as caregivers and dedicated employees. For you, as an employer, the results of this struggle can be all too real; low morale, absenteeism, and ultimately, falling productivity.
To combat these results, your business can offer employees individual long-term care coverage for themselves and their loved ones. Employers have the ability to offer a very attractive benefit at no cost to the business and without any additional paperwork.
In the current workplace, we believe that a good employee benefit package is worth more than just dollars and cents. In fact, good benefits are good business, making your business more attractive both to existing and prospective employees. If your business depends on retaining and recruiting the best employees, that's a competitive advantage you can't put a price on.
What are the tax benefits of setting up a plan?
Employers can offer long-term care benefits tailor-made for their employees at a relatively low cost. And the federal tax code allows employers to deduct as a business expense both the cost of setting up a long-term care plan for their workers and any contribution they make toward tax-qualified long-term care insurance premiums.
Would the association I belong to qualify for group long-term care coverage?
Yes, if your association is a professional association based on occupation, avocation or special interests. If the association has specific by-laws and a charter, it may qualify for a special association LTC plan. Other examples of eligible associations are local chapters of well-recognized social, religious or charitable associations. For more information on the eligibility of your Group/Association, we suggest that you contact us.