Businesses can be affected by the loss of productivity from employees who have to care for family members.  Disabled workers may need the cost of care paid for, which is usually a completely separate expense from normal living expenses.  Disability insurance protects lost wages to help pay for utilities, mortgage, property taxes, and food.  But what about the cost of long term care services?   The cost can easily range from $3,000 to $9,000 per month.  This is where Long Term Care Insurance comes in.

Many businesses can benefit from favorable tax treatment when purchasing long term care insurance for their employees.  Even better, employers can carve out a specific class of key employees to provide this benefit to and take the full premium as a business expense deduction.  In many cases, the premium may not be counted as a taxable benefit to the employee.  And the benefits received by the policy, years later, are almost always tax free.  There are some exceptions to this, but it's certainly worth exploring. 

Companies can make the insurance available to their employees as a voluntary benefit, which may qualify for discounts.  When a company endorses such a program, more people learn about it at an early enough age to have favorable health ratings and lower premiums.  It protects their retirement plan, which most employees have already started contributing to.  When promoted properly, the insurance broker runs educational seminars and enrolls employees in person, to make sure everyone fully understands the benefits. 

Each long term care insurance company has a unique benefit or sweet spot that may fit best for a specific employer.  As an expert in this field, Mark Baron knows all the details that separate the companies from each other in these areas.  Please call Mark for a consultation and begin to find out how he can help protect you or your company. 

Baron Long Term Care Insurance

80 Wildwood Road

Andover, MA  01810

Office (978) 475-4409

Cell (617) 823-8334