More employers, organizations, and associations are providing group long-term care (LTC) insurance for employees or members. With today’s aging workforce, long-term care protection has become a very real concern. A group long-term care insurance plan can provide significant advantages for employers and employees, as well as tax incentives for small businesses.
Advantages of Group Long-Term Care Insurance
Group long-term care insurance advantages include streamlined health underwriting and premium discounts. There can also be significant tax benefits for small businesses that offer long-term care insurance to their employees. In larger businesses, LTC insurance is often included in an employee benefits package, even if it’s voluntary, as an overall part of their benefits strategy to help recruit and retain top talent.
Employer-sponsored long-term care programs can be 100% voluntary, which means the entire premium is paid by the employee. When offered on a voluntary basis, LTC protection can provide significant benefits to employees at no cost to the company. If an employer does contribute to the premiums, the employer contributions to group long-term care are deductible as a business expense.
Group Long-Term Care Insurance Discounts
Insurance companies offer premium discounts to employees, spouses, and extended family members on employer-sponsored long-term care insurance plans. Even when the program is 100% voluntary, a group long-term insurance policy can provide significant amounts of premium savings for employees.