The Need for Long-Term Care Insurance

By Robert A. Kieckhefer, managing partner, The Kieckhefer Group, Brookfield, Wisconsin editors@assetinternational.com | April 21, 2014
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I have been introducing long term care insurance to my plan sponsors. It is a benefit that the company can provide as a tax deductible benefit and they can offer it to their employees as something the employees can purchase at a discount. Discounts for employer-sponsored plans are available to employees, spouses and extended family members5.  If a group meets certain criteria, it may be eligible for simplified health underwriting.6. The premium can be paid through a Health Savings Account which is pre-tax dollars7.

I have seen plans where senior management has a fully funded plan, junior management has a reduced plan, hourly employees get an offset to the cost and new employees pay all their plan cost—and every combination in between. Long-term care is not a qualified benefit where everyone gets the same thing. 

Obviously, Uncle Sam does not want everyone in a nursing home on Title 19 Medicaid, and Uncle Sam has reduced the rules so that long-term care insurance is more attractive.

Take a look at long-term care employer-sponsored plans and show them to your plan sponsors.  We are here to help everyone work toward a successful and dignified retirement. We are here to help the families of all of our participants and teach them to look both ways before crossing the street into retirement.

If you need some help finding a worksite long-term care provider, call or email me. I am interested in helping your participants plan for a successful retirement too.

 

 

Sources:

1)        Longtermcare.gov

2)        Longtermcaresource.org

3)        Medicare.gov

4)        Longtermcare.gov

5)        Aaltci.org

6)        Aaltci.org

7)        Longtermcareinsurancefacts.com

 

 

NOTE: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice. In addition, the following disclaimer will be included in all articles: Any opinions of the author(s) do not necessarily reflect the stance of Asset International or its affiliates.