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| Home | What's LTCi? | Value of LTCi | Value of Early Planning | LTCi in the Workplace | Learn More | Contact Info | |
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Call [860.739.0005] today as a step toward understanding the special value of Long Term Care insurance - you won't become a burden on children. These resources on Long Term Care insurance will be useful in learning more about this special protection:
Employers:
Free - useful little book:
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Work places are directly involved in elder care!How? First - We know 28.5% of Americans are care givers and studies indicate as many as 54% of the workforce will soon be involved in care giving. Second - looking ahead we know from a noted Gerontologist, "This next decade is bound to be the elder care decade"!
What kind of impact is care giving having?Employers see that employees, involved in caring for or assisting in the care of an aging parent or family member are frequently distracted. This is known as "presenteeism" and has a large impact on productivity. What employers are reporting is backed up in the findings of a study on care giving while working by the AARP Public Policy Institute. An important finding is that for care givers who are workig - it's a complicated and emotionally charged time and results in major changes in a persons work situation. For example:
It is also known that 84% of employed care givers use work hours coordinating or following up on care. Some describe it as being torn between two jobs! What can employers do to lessen the impact of employees dealing with elder care?Some firms have expanded their EAP with information on types of care giving help and where employees can go for assistance. A more effective approach is to implement a Long Term Care insurance (LTCi) benefit. Even when set up as a voluntary benefit firms report:
A significant part of implementing a LTCi benefit is an extensive education effort since its important for employees to understand the value to them and family of not becoming a burden on others. One important focus is to encourage employees, if they have siblings to work together, to help their parents buy. Why? Employees whose loved ones have LTCi are twice as likely to continue working! What does an employer gain by offering workplace Long Term Care insurance coverage?
How does this family focused benefit help employees?
Another plus is lower premiums in the workplace. Why?
This special benefit can be a big help to people during their working years:
What is the tax status of Long Term Care insurance for employers? An individual, with a tax qualified Long Term Care insurance plan, can take a medical expense deduction on their annual 1040, for amounts above 7.5% of AGI. This deduction is limited to the amount in an IRS established age based schedule. During 2010 the schedule is: - age 40 and under = $330 - 41 through 50 = $620 - 51 through 60 = $1,230 - 61 through 70 = $3,290 - 71 and older = $4,110. When this special family protection is purchased through a business IRS guidelines provide more flexibility.
Bottom line - the tax advantages of Long Term Care insurance make it a more flexible benefit than health insurance. One suggested addition to the firms executive bonus or deferred compensation, which has numerous advantages, is to divert some of these dollars and buy LTCi. In what way?
Want to talk about a Long Term Care insurance benefit program for your firm? Call John C Parker [860.739.0005]. |
John C Parker, has achieved professional designations as a Long Term Care Insurance professional and a Registered Health Underwriter. John is licensed to conduct business in CT (644135) and RI (1058420) and does not solicit or sell in other states. This site shares insights from extensive involvement in professional associations, industry conferences, working with leading Long Term Care Insurance organizations, and individual research. The focus of these pages is to increase understanding of the value of Long Term Care insurance and do not advocate a specific company or plan. |
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