Group Long Term Care

Group Long Term Care (LTC) insurance fills a critical gap in your financial protection. The cost of long-term care can be significant and potentially devastating to a family's resources. LTC coverage helps by protecting against the high cost for care required by individuals who, because of chronic illness, injury or aging, can no longer perform routine activities of daily living (ADL's) without assistance from another person. LTC plans cover care provided formally in a nursing facility as well as care provided informally in the home of a family member or friend.

Did You Know: The current average total cost of a year -ong nursing home stay is about $58,000. The projected cost to 2030 is almost $500,000! Overwhelmingly, your retirement savings are at risk.

The care-giving responsibilities of employees, aprticularly with regards to eldercare, can have a significant impact on the employer's bottom line. Absenteeism, leave, change in status, not to mention turnover, all have a tremendous affect on an employer. The distractions and associated productivity losses can be lessened, if not eliminated, by offering long term care coverage, either as a group plan or on a voluntary basis.

With recent favorable tax treatment, premiums paid for qualified LTC plans are tax-deductible and benefits paid under qualified LTC plans are treated as medical expenses and are excluded from an individual's adjusted gross income.

Generally, plan options include Daily Benefit Options, which provide for a daily cash benefit payments, deductible or waiting periods, lifetime maximum benefit levels from two to five years, inflation adjustment, non forfeiture benefit, even the ability to return contributions as a death benefit. Carriers include John Hancock, MetLife, UNUM, and others.

For more information about qualified and non-qualified plans available to an employer, email us with your needs using the email or contact link below. Fo group quotes, click here.