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Long
Term Care For Employers
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We offer complimentary
information and seminars to help you be better educated about Medicare
and Long Term Care.
Click here to learn more.
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What Employers Need
To Know:
- A recent survey found that 22 million
American households have at least one member providing unpaid
assistance to a spouse, relative or other person older than 50.
Currently, 64% of family caregivers are employed. As the
physical stress of caring increases, many of these families may face
additional financial burdens. Furthermore, employers are losing more
than $11.4 billion or $1,142 per employee, in costs associated with
family care giving responsibilities.
- Realizing that long term care is of
concern to employers and employees, Congress enacted the Health
Insurance Portability and Accountability Act of 1996 (HIPAA) which
contained provisions on the tax deductibility of premium for Qualified
long term care insurance policies. The intent is to provide
initiatives toward private sector solutions to financing long term
care.
- Today employers have the opportunity to
implement a group long term care policy for its employees and their
family members, including parents!
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Call:
330-865-4219
Email:
Mike Coppola
FACTS
Business Owners
Should Know: |
- In addition, business owners are able to tax deduct all or part
of long term care premium for individual policies purchased for themselves or their key
employees. This insurance does not have to be purchased for the entire staff. The
benefit is received tax free. The premium is not taxable income to the employee,
and the policy provides a tremendous asset preservation benefit for
the key employees and their families.
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