Click here for IRS LTC Insurance Premium Deductibility.
Long-Term Care policies receive some of the most favorable tax treatment among employee benefits.
Long Term-Care premiums can be tax deductible
Depending on the type of business you have, premiums can be up to 100% tax deductible
Benefits received by the employee can be up to 100% tax free
Some states allow for Medicaid protection of assets when Long-Term Care policies meet certain criteria
Implementing a long-term care insurance program can be an important part of your strategy to recruit and retain the best talent … contain costs … and enhance employee productivity. For your employees, it can make a big difference in their quality of life and financial security.
Your company’s ability to attract and retain good talent is, in part, contingent upon a solid benefits package. Offering Group Long-Term Care Insurance as a benefit can be a way to set your company apart as a leader in employee benefits.
Research shows a cause-and-effect relationship between caregiver stress and increased health insurance utilization.1 The connection: employees providing care for family members incur stress, which often results in health conditions, which can result in increased doctor visits. That, of course, can impact health insurance premiums.
It’s clear that employee productivity and caregiving are interrelated: