Group Long Term Care

Providing access to insurance for the health and welfare of your employees is something that employers do through a variety of plans. One of the most important coverage to consider is group long term care insurance (GLTC). Most likely you know someone who has received long term care services; so you probably know of the many difficulties that person faces, and the impact to his or her family and friends. Numerous physical, financial and emotional challenges exist each day when care is needed. Many individuals and employers mistakenly think of GLTC as a coverage type that protects only the elderly. In actuality, GLTC will cover any person who is unable to operate and perform everyday tasks when assistance is needed.

Fortunately, the ability to prepare for these challenges is made easier when an affordable financial resource is readily available. This is one reason why so many employers are now offering GLTC as part of their benefits package. If one of your employees or family members, young or old, suffers an accident, becomes unexpectedly ill, or has a cognitive issue that leaves him/her disabled, GLTC will assist them in their recovery and/or their day to day lives.

Many employers today offer GLTC as a benefit not only to executives but to all employees. As an employer, you can contribute to the cost or make it 100% voluntary, meaning no cost to you, the employer. Offering GLTC as a benefit can help with: retention of valued employees by providing a more comprehensive benefits package, minimize absenteeism and productivity losses due to employee’s care giving responsibilities and gaining a competitive edge in attracting new employees.

Most GLTC sold today meets the requirements for qualified long term care insurance under Section 7702B(b) of the Internal Revenue Code. There are several tax advantages for such qualified coverage. Generally employer-paid premiums are deductible to the employer the same as health insurance premiums. The employer paid premiums are not counted as taxable income to the employee, and any employee’s who purchase coverage can deduct the premiums they pay as medical expenses (within limits under certain conditions) and the benefits received by the insured are tax-free. *this is not meant as tax advice. Employers should consult with their qualified tax adviser for limitations and requirements.

Unlike traditional employee benefit coverage’s, GLTC can be made available to purchase and obtain at the discounted group rate by:

  • Full-time employees
  • Part-time employees
  • Spouses
  • Domestic partners
  • Mothers & fathers
  • Grandparents
  • Sons & daughters
  • Brothers & sisters
  • In-laws
  • Retirees

Are your employees ready for the challenges of long term care? The likelihood of needing long term care may be one of your employees’ greatest uninsured risks. You can make a positive difference in the way employees handle a long term care event. And, offering GLTC program not only helps your employees, it can help you to grow and protect your business, contact Excell Benefit Group today to find out how.

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