Tip 237- Employer Sponsored Long Term Care

As we experience a demographic shift in America, many employees are looking to their employer for education and access to benefits for their overall well-being, not only in health, but in preparing for retirement.The need for LTC planning has not changed despite the dramatic shift in the marketplace over the past 10 years. The costs from a LTC event are high and can have a detrimental impact on an employee’s 401(k) retirement plan.

Group LTC insurance can address a significant gap in an employee’s financial plan and help protect their lifelong savings and lifestyle in retirement. Here are some other advantages:

• Awareness and education on the need for LTC planning
• Simplified underwriting and discounted premiums for both the employee and theirspouse
• Unisex” rates (25-40% less premium for females vs.policies offered in the individualmarket)
• Generous tax treatment for executive benefits/carve-outs (or any employer funding)
• Limited HR administrative support required
• Flexible billing options (direct bill or payroll deduction)
• Robust implementation, enrollment support and account management.

Where there is such need, it’s nice to find solutions.