Employers
HOW DO WE PROTECT OUR EMPLOYEES' RETIREMENT INCOME AGAINST THE COSTS OF LONG TERM CARE?
Many firms have tried to address the serious threat of long term health care costs to their employees’ retirement security by providing group long term care insurance. However, these plans are usually poorly communicated by the insurance companies and participation in them averages less than 10%. In addition, many plans provide inadequate benefits and often contain numerous restrictions and exclusions to keep the cost down - to the ultimate detriment of the participants and their families.
To solve the problem:
- Provide long term care insurance protection to selected key employees on a tax-advantaged basis.
- Provide long term care insurance to key employees as a tax-free retention bonus.
- Upgrade and re-communicate your group plan (in many cases this can be done with a new guaranteed issue offer to all employees).
To read our report 8 Common Mistakes in Group Long Term Care Insurance Plans – and How to Avoid Them, click here.
To read our new Report, How to Use Long Term Care Insurance as an Executive Benefit to Attract and Retain top Talent by clicking here.
