Product Choices: Long Term Care Insurance
Long term care insurance is becoming more prevalent today due to the aging baby boomer population. However, long term care insurance is not necessarily only for elderly individuals. Long term care may be care that is needed by an employee or an employee’s dependent when they cannot perform everyday tasks by themselves.
Hanratty & Associates consultants can share why long term care insurance may be a valuable benefit to your employees. In addition, we can explain how it might fit into your benefits plan design.
Introduced in the 1980s, long term care insurance was originally created to assist with nursing home care. Today it is more flexible and far reaching. Those eligible for long term care insurance are unable to care for themselves due to a physical or a cognitive impairment and may need medical, social and/or personal services.
Long term care insurance varies by the cost and level of services needed and most plans let the beneficiary choose the amount of coverage needed and for how long. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) provides some federal income tax advantages to employers who purchase certain long term care policies.
Hanratty & Associates will show you the range of carriers offering long term care insurance and will help you determine the best option for your employees.
Contact us to learn more about long term care insurance!