Long Term Care Insurance Employer Worksite Program
Help Your Employees Protect Their Retirement Savings
For most employers, a tax-advantaged retirement plan like a 401(k) is as a cornerstone employee benefit. It's not uncommon for employees to accumulate significant retirement portfolios. Unfortunately, decades of savings can be devastated with the onset of a long term care event. Long term care is the largest unfunded financial risk in retirement and employers and employees alike are beginning to realize it is a missing element in the employee safety net.
As employees increasingly turn to their employers for financial guidance, it has become important to reach employees while they are young and healthy. Considering insurance at a young and healthy age reduces the chance of being declined because of health problems and allows them to incorporate long term care planning into their financial plan while protection is still affordable.
Many carriers now offer employer-sponsored long term care insurance programs with premium discounts and simplified medical underwriting that can be implemented without cost to employers. Since health insurance increases are often passed to employees, many companies are offering the benefits of sponsored long term care on a voluntary basis.
Long Term Care Insurance Executive Carve Out Plan
In addition to providing premium discounts and underwriting concessions to their employees without cost, employers can choose to pay the premiums for owners and key executives on a discriminatory basis with an Executive Carv Out. An Executive Carve Out rewards a specific group of executives by purchasing a long term care insurance policy for each member in the group. By using an accelerated pay option, the employer can project the cost of the long term care insurance and determine when the premium payments will stop. When the executive retires the business can present him or her with a paid up long-term care insurance policy.
Company-paid coverage is tax-deductible and not counted as income to the employee, and when it comes time to collect benefits, they’re received by policyholders tax-free.
Why Choose the LTC411 Employer Worksite Program For Your Company?
To be honest, long term care insurance can be very confusing. Not only are there many different programs and plan designs, but each of these has their own unique benefits, advantages and disadvantages. Therefore it's imperative that your employees get expert advice and direction in making a sound financial decision that will effect them for years to come.
LTC411 Select Representatives are dedicated long term care specialists licensed and trained in product and company selection. LTC411 only represents the industry's leading long term care insurers that have demonstrated a commitment to their policyholders by providing quality benefits, competitive pricing, and prompt claims service. LTC411 selects carrier partners based on their experience, financial strength, and credibility. Some of the top-rated long term care insurance companies we partner with include:
- John Hancock Long Term Care Insurance
- Prudential Long Term Care Insurance
- MetLife Long Term Care Insurance*
- United of Omaha Long Term Care Insurance
- Transamerica Long Term Care Insurance
- MedAmerica Long Term Care Insurance
LTC411 is proud to be associated with these carriers and we believe that your company will be as well.
