With all the different employee benefits
available today, the one benefit often overlooked is who pays the cost of Long
Term Care either at home or in a nursing home. Since Medicare
and Health insurance do not cover the majority of LTC costs, people are required
to spend down their assets in order to qualify for Medicaid, the federal program
for the needy. In the past, loopholes in Medicaid allowed people to transfer
assets. However, today the loopholes are quickly closing.
Benefits to Your
Organization
- Tax deductions are available if you
contribute to the plan. New tax laws were passed in 1996 (Kennedy/Kassebaum
Bill)
- Minimal involvement on your part.
Programs can be completely turnkey.
- Protect your key employees.
LTCI can be offered to select employees and their extended families including
spouse, parents and in-laws.
- Reduce absenteeism. Peace of mind
will keep your employees at work rather than as caregivers.
- Benefits foster goodwill. Can be
used as an additional perk in your efforts to recruit and retain employees.
Benefits to Your
Employees
- Group and Spousal Discounts. As a
member of a group plan employees and their spouses receive special group
discounts.
- Available to Immediate and Extended
Family. All family members are eligible for group discounts.
- Special Medical Underwriting.
Most pre-existing medical conditions are covered immediately.
- Portable for Employee and Family.
Some policies pay claims anywhere in the world. Employees retain
group discounts the same even after retirement.
- Reduce Family and Emotional Financial
Stress. Knowing that their assets are protected and their families
are cared for makes it easier to come to work and do their job.
